Coral Springs still has funds to assist low to moderate income persons purchase and rehab a foreclosure
The City of Coral Springs is still providing assistance to low and moderate-income persons with the purchase and rehabilitation of foreclosed homes in Coral Springs through the Neighborhood Stabilization Program. Previously, the program offered funds toward the purchase of foreclosed homes in the 33065 ZIP code. Recently, HUD approved the City’s request to expand the existing target area of foreclosed homes to include properties in ZIP code areas 33076, 33071 and 33067, excluding Census Tract 203.21.
With the slow housing market recovery and increased job loss, these areas are equally impacted by foreclosed and abandoned properties. The expansion of the target area will allow the City to reduce the number of residential foreclosures.
The Housing and Economic Recovery Act (HERA) provided for an allocation of $3,378,142 to the City of Coral Springs. As part of this program, the City is able to assist qualified buyers in purchasing a foreclosed property that has been deemed eligible under NSP. Eligible properties include single-family detached homes, condos, town homes, and villas that have been foreclosed. The program also offers assistance to homeowners who purchased a foreclosed property with NSP funds and want to make minor repairs and/or energy efficient improvements.
Financial assistance will be provided in the form of a 5-year, 10-year or 15-year, 0% interest, deferred payment loan secured by a second mortgage and promissory note. The loan is forgivable in its entirety at the end of the affordability period, which begins from the date of settlement provided the title remains under the ownership of the original purchaser.
Applications will be accepted by appointment only. Only applicants who received a pre-approval/pre-qualification from a pre-approved lender can schedule an appointment. To schedule an appointment or for more information, applicants must call Community Redevelopment Associates of Florida, Inc. at Options 3.
Applicants do not have to be first-time homebuyers, but may not own any other property and the property they buy must be owner occupied. Applicants will be prioritized on a first-qualified, first-served basis. Residents displaced from mobile home parks seeking to purchase a non-mobile home may apply. The income criterion for a family of four is a maximum of $91,800. For a detailed list of income criteria, please visit www.CoralSprings.org.
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