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Foreclosure Rescue Check In The Mail

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By Carl  Orth | The Suncoast News

Published: February 17, 2009

Updated:

NEW PORT RICHEY - "Game On!" The title of a training course last week reflected the eagerness of West Pasco real estate agents to learn about federal money for a foreclosure rescue plan.

Pasco Community Development Manager George Romagnoli walked about 150 members of the West Pasco Board of Realtors through the steps for the federal Neighborhood Stabilization Program.

Pasco County was among the "big boys" of much larger metropolitan areas claiming the largest shares of federal aid, Romagnoli noted.

Hard hit by foreclosures and the credit crisis, Pasco will get about $20 million through NSP. That is about the same amount as Chicago will receive and nearly as much as has been earmarked for New York City, Romagnoli observed. The Pasco share ranks the 17th largest in the nation.

The money should be deposited at local institutions within the next several weeks.

"Forget everything you know," Romagnoli advised the real estate agents who are used to state programs for homebuyer assistance. Federal rules are an entirely different animal.

Basically, most West Pasco homesteaded properties could qualify for NSP help, except in the city of Port Richey, Romagnoli said. Port Richey officials chose not to participate in the federal program.

A Web database and map showing eligible properties with a few clicks should be ready in a few weeks, he said.

One portion of the NSP program concentrates primarily on helping local governments buy, rehabilitate or demolish foreclosed and abandoned properties.

Much of the funds will be devoted to a Homebuyer Assistance Program. Up to $20,000 is available for each buyer with moderate income. The maximum yearly income per eligible person will be $47,520.

A low-income person earning $19,800 a year might get up to half the amount of the sales price of a home.

Another thrust will be the Pasco Opportunity Program, which sets up nonprofit organizations to rebuild housing and resell them. Any type of property will be eligible - single family home, condo, town home and mobile homes with a maximum sales price of $240,000.

Agents, however, might encounter some stumbling blocks.

Houses might have to meet higher building standards to be eligible. The processes are different for houses that need repairs and houses that don't, Romagnoli emphasized.

Some older houses built before 1979 might have to be inspected by a lead abatement consultant. Most Pasco houses do not contain lead paint.

For more information, call the county Community Development Division at 727-834-3445.

Carl Orth can be reached at 727-815-1068 or corth@suncoastnews.com.

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