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Habitat for Humanity Set to Help Rehabilitation Program for Foreclosures
December 9th, 2008 by 
Joseph Smith
On April 1 next year, approximately $19 million of federal funds from the Neighborhood Stabilization Program will go to the tri-county area of Florida composed of Sarasota, Manatee and Charlotte counties as part of the drive to address foreclosures. $5 million will go to Manatee County and $7 million each will be given to Sarasota and Charlotte counties, which will be used to buy abandoned foreclosed properties for rehabilitation.
Local officials are not expecting the money to stretch far and would need additional help from other sectors to maximize these funds. In this regard, Habitat for Humanity is offering their help in minimizing costs for the rehabilitation work through the efforts of its volunteer work force.
While plans are being finalized by local officials on how to allocate the funds to communities, local Habitat for Humanity chapters in these counties have begun to identify possible candidates for the rehabilitation funds. The organization believes that their assistance could double or triple the impact of these funds in addressing foreclosures.
The local government themselves will contribute their own funds to this effort, and have already spent more than $100,000 in lawn maintenance of abandoned houses and lots to prevent blight to neighborhoods. The counties are planning to sell abandoned lots in their areas and are expecting to rake in $20 million in additional funds for the foreclosures effort.
Officials from the county chapters of Habitat for Humanity see the stabilization funds as a bailout for banks instead of a housing program. Purchasing foreclosures will put money back into the banks to help stabilize the financial market.
In the meantime, local officials are gearing the funds for not only buying foreclosed homes, but also to establish programs to help troubled families avoid foreclosures. The funds would be used in a family assistance program that could help more than 25 families in danger of losing their homes.
