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Tampa Ups Funding To Fight Blight

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By CHRISTIAN M. WADE

cwade@tampatrib.com

Published: January 30, 2009

TAMPA - The city plans to pump an additional $1.5 million in federal and state grants into a program to buy foreclosed and abandoned homes in neighborhoods hardest hit by the mortgage crisis.

The additional money, which will come from the State Housing Initiative Program, the federal Home program and the Interstate Historic Preservation Trust Fund, will bring the total to more than $15 million for the city's stabilization program.

Last week, Tampa received approval for a $13.6 million share of federal funding from the U.S. Department of Housing and Urban Development's $3.92 billion Neighborhood Stabilization Program, an emergency response to escalating foreclosures nationwide.

"We are continuing to seek supplemental funds to expand this program," said Cindy Miller, director of the city's Growth Management and Development Services.

Sulfur Springs, North Tampa and West Tampa have been identified as target areas, based on the high rates of subprime mortgages, mortgage defaults and delinquencies.

Tampa Mayor Pam Iorio's plan calls for buying about 80 foreclosed homes in those areas to fix up to be sold or torn down. An additional 30 foreclosed properties will be bought and rehabilitated as rental properties. Both these steps are requirements of the federal grant.

The city plans to work with nonprofit groups and charitable organizations to find eligible buyers. The money will not be available to homeowners facing foreclosure.

The state expects to receive $541 million through the program. The Bay area, including Hillsborough, Pinellas and Pasco counties, will get a combined $70 million.

Reporter Christian M. Wade can be reached at (813) 259-7679

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