neighborhood stabilization program in florida community ...€¦ · 12 the housing news network...

T H E H O U S I N G N E W S N E T W O R K8

Neighborhood Stabilization Program in Florida

Community Progress:A Variety of Approaches Taken by Florida’s NSP Participants

Across the State

The City of Fort Myers

Some best practices are happen-ing in this small but committedcity. With close to half of

their NSP allocation of $2.2 millionobligated, Fort Myers is well on theirway to purchasing and rehabilitatingforeclosed properties.

Last spring, director Sharon Rozierasked the Florida Housing Coalition fortechnical assistance on overall programformat and several approaches wereconsidered. The City has chosen toacquire the units in its own name, bidout the rehab, and provide downpayment assistance and counseling tointerested buyers. The City also pur-

chased a 7 unit apartment complexwhich will be rehabilitated using NSPfunds and deeded to a dedicatednonprofit support organization to meetits 25% set-aside for very low incomeresidents. It is turning out that many ofthe home purchasers are also below 50%area median income and thus ensure theprogram requirement will be met.

Some observations of the NSPprogram in Ft. Myers:

• A record keeping system hasevolved to keep track of the propertypurchases. Each property has threefolders that will eventually be com-bined: Acquisition, Rehabilitation,and Sales. These contain all of the

The City of Fort Myers

Housing and Real Estate

Division is in charge of the

NSP program.

Division Director Sharon

Rozier, Housing and Real

Estate Division Manager

works with an outside con-

sultant, Lee Combs, AICP, to

coordinate all NSP activities.

The City team also includes

a building inspector and

sustainability coordinator,

Diana Giraldo, Housing

Development and Financial

Specialist, Cary Mock,

and managing the DRGR

process, Keisha Cyriaano,

Housing and Development

Principal Planner.

Fort Myers NSP home justlisted as a foreclosure beingchecked out by inspector.

T H E F L O R I D A H O U S I N G C O A L I T I O N 9

compliance and due diligence documents thatwill be required for reporting. Along withthese active folders are the dead end folders ofdeals that did not materialize. The NSP plancalls for 15 homeowner units, of which 7 havebeen purchased. The rental property fulfills thedollar amount obligated in the plan with somecontingencies.

• Financing for homebuyers is being sought fromseveral mortgage companies through FHA loans.

• Many properties contain code liens that wereaccumulated after the foreclosure event. TheCity’s code board has been cooperative in waivingthese liens at the code enforcement hearings.

• One of the properties brought into the program wasa foreclosure owned by the City; NSP does not

require that the foreclosed property be a bankowned foreclosure.

• The city has set aside $300,000 for demolition.They do not intend to land bank these propertiesbut will build new homes on these sites.

• Purchased properties must be added to the City’sumbrella liability policy.

• The seven unit rental property will be deeded to anonprofit organization to own and manage. Thesubrecipient agreement contains the rental occupancyand affordability requirements. This will also beincluded in a land use agreement that will run withthe property. The nonprofit does not have experiencein rental property management and will thereforereceive technical assistance from the FloridaHousing Coalition in regard to property management.

The Neighborhood Stabilization Program provides opportunities for Fort Myers tooffer affordable housing to low/moderate income families. The City is stabilizingneighborhoods by acquiring, then rehabilitating, homes in foreclosure.Rehabilitation best practice includes energy efficiency and water conservationfeatures that benefit future homeowners. This program emphasizes the importanceof green building, energy conservation and effective sustainable practices for theNSP recipients and the overall community.

– Robert Gardner, City of Fort Myers Community Development Director

Fort Myers NSP Homes nearing completion ofRehab with Green and Energy Efficiency features.



• The rental property will require rehabilitationexceeding $100,000. Therefore, since it is below8 units, Davis Bacon will not be involved butSection 3 and bonding are required. The Cityheld a workshop for its qualified builders tomake sure they understand what is involved.Section 3 requires that a portion of employees ofthe contractor or subcontractors must be eitherpublic housing residents or low income. Threebonds are required- a bid bond, performancebond and payment bond.

• The City has taken Green Building technologiesseriously. Every home rehab has energy efficiencyfeatures including, for example, insulationinnovations: energy efficient appliances; solaroperated exterior lights; rain barrels; and nativelandscaping. These features are costing anestimated $10,000 per unit. There is an educationelement for the homebuyers so they understandtheir responsibilities in maintaining these systems.For example, a home in Hope Gardens has beencertified as "Silver" level by the Florida GreenBuilding Coalition. The HERS index went froman existing score of 102 to 73 post-rehab resultingin an estimated annual energy cost reduction from$1,251 to $947.

• FEMA has re-drawn its flood zones in the city. Thishas created a complicating factor in neighborhoodstabilization. The relatively low market values ofthe homes and the limitation on expending over50% of the building value on rehab has put adamper on making the investments in new roofs,new flooring, HVAC systems, and new windowsbecause these costs exceed the FEMA maximums.These properties may be candidates for demolitionand new construction.

• So far acquisition costs are about a quarter of thetotal project cost with rehabilitation expensesmaking up the bulk of the expenditures.

• The NSP consultant and inspector spend a lot oftime together- communication is critical in findingproperties, making a drive by, setting up appoint-ments with the listing agents and making an earlyassessment of whether to make an offer.

Fort Myers NSP inspected home- no offer made as the homecannot be rehabbed.

Hope Gardens Home showing native landscaping for lowwater usage.

Hope Gardens home showing rain barrels for wateringas a green feature.


The City of Plantation

The City of Plantation, a HUD funded NSPcommunity, received slightly more than $2million and chose to use the majority of their

funds ($1.3 million) to acquire and rehabilitate scat-tered site single family homes for resale to low and mod-erate income first time homebuyers.

The City has initially chosen to concentrate the majori-ty of its NSP funding on the two single family residentialneighborhoods that have been the most severely impact-ed by foreclosure. The purchase prices of homes in thetarget area range from $100,000- $200,000 and need anaverage of $50,000 in renovation.

Recognizing the need to act quickly, the City issued arequest for proposals (RFP) in February of 2009 seek-ing a non profit agency to administer the program. Inthe RFP, the City agreed to advance funds for bothacquisition and rehabilitation to the selected nonprofit. This facilitated the buying process to allowthe non profit to take title to the property subject to a0% interest first lien by the City. In April 2009, theCity selected BAND (Broward Alliance forNeighborhood Development) which is based in nearbyFt. Lauderdale. The City’s Mayor, Rae CaroleArmstrong said “We welcome the opportunity to workwith BAND to address the City’s foreclosure issueswhile assisting new residents of Plantation by provid-ing rehabilitated homes at an affordable price. Weplan to recycle the NSP funds as the homes are sold tocontinue this program well into the future.”

BAND, a non-profit membership organization, is a col-laborative comprised of non profits and other affordablehousing stakeholders. BAND identified three memberagencies to make up the development team and, accord-ing to their areas of expertise, entered into memoranda ofunderstanding that distributed tasks as follows:• Identify properties for homeownership• Approve scope of work for rehabilitation• Work with Realtor/broker to negotiate and execute

sales contracts• Assist with the identification of bank REO (Real

Estate Owned ) departments; utilize other sources ofacquisition (Fannie Mae HomePath, NationalCommunity Stabilization Trust ) and bulk purchaseprograms

• Identify closing agents as needed• Price homes for resale• Assist with marketing the program and the houses to

potential buyers

Additionally, four other member organizations areengaged to provide housing counseling and homeownerpreparation services. Fees associated with these serv-ices are paid for through the developer fee.

BAND uses several methods in the acquisition processto locate potential properties:

• Realtor - BAND selected a Realtor who monitorsthe Multiple Listing Service (MLS) looking forproperties that fit the BAND criteria, arrangesinspections and prepares offers.

• Drive by - the acquisition team drives through thetargeted areas and researches the feasibility of

City of Plantaion NSP homes.



homes that appear to be vacant or abandoned.• BAND monitors the websites of Fannie Mae

and Freddie Mae and other lender REO sites toidentify properties before they are listed on theMLS.

• National Community Stabilization Trust (NCST)First Look Program.

Almost every day, BAND receives an email from theNCST. They have 24 hours to review the list, decidewhich property they want to see, notify the Trust,assemble the development team and visit the site. Ifthey are interested in the property they notify NCSTand request pricing. BAND has found that the majorityof the time, the pricing is reasonable and all partiesaccept the initial offer. A pre-negotiated purchaseagreement is provided by the selling lender whichrequires a $1000 deposit. The closing is handled bya local title company acceptable to the Trust. Theclosing usually occurs within 30 days unless titleissues surface and cause a delay.

BAND considers the following about each property:• Evaluate amount of rehabilitation needed• Look for illegal additions/property encroachments• Check for Chinese drywall• Check for lead based paint and excessive mold• High Home Owner Association fees• Age of home• Unresolved title issues that remain post foreclosure• Goal is to assemble a mix of housing sizes and styles

and pricing which represent needs of potential buyers

Prior to closing, the contracted architect provides ascope of work for BAND’s review. BAND and the Cityof Plantation see NSP as an opportunity to improve thecity’s housing stock, as well as to provide decent afford-able housing for new homeowners. The first priorityfor all rehabs is to correct code violations and removeillegal additions or outbuildings. Special attention ispaid to curb appeal and all homes are renovated usinggreen building techniques and energy star appliances.

BAND recognized the inherent risk in owning propertiesthat had been rehabilitated yet had no qualified buyersin the pipeline. Consequently BAND has begunconducting homebuyer events in the City of Plantationand throughout Broward County to identify and informpotential buyers. After attending the workshop, inter-ested clients are provided with access to homebuyereducation, budgeting and finance training and creditcounseling. Once they are mortgage ready, clients arereferred to prescreened lenders for prequalification.

Lessons learned• Title issues are not always resolved during

foreclosure, which causes fall out and closingdelays.

• Competition on REOs is fierce, cash investorsare plentiful and these buyers are stockpilingproperty (vacant or rented) in anticipation offuture housing price increases.

• Banks are metering the amount of propertiesthey put on the market to avoid flooding themarket and causing price reductions.

“NSP has provided the opportunity forcities to address problem properties,correct code and zoning violations,improve curb appeal while at the sametime providing decent, affordablehousing for new buyers. BAND enjoysworking with the City of Plantation tobring new homeowners to theircommunity”

– Pat Stephenson, Executive Director, BAND.

City of Plantation home under inspection.


Jacksonville

The center-piece of theCity of

Jacksonville-DuvalCounty NeighborhoodStabilization Programis a firm commitmentto involve the privatesector to the maxi-mum extent possible.With only two full time staff administering the$26 million NSP 1 program, private partners arecarrying out the bulk of the activities-12 local com-panies are providing support services, 15 developersacquire, rehab and resell or rent the foreclosedhomes, and there are over 600 building contractorsand subcontractors in the qualified pool to rehabili-tate or demolish targeted properties. The focus tocreate jobs is making the NSP program successfulin not only providing housing for lower incomehouseholds, but stimulating the local economy.

Director Wight Greger reports that it took some time todevelop these systems and to shorten the due diligencetimeframe from 40 to 20 days, but now the work isproceeding efficiently with over 60 homes havingbeen processed. Some of the surprises and insightsshared with the Coalition:

• About a fourth of the homes inspected were rejectedbecause rehab costs would be too high and affordabil-ity standards could not be met. Title issues andcompetition from investors have resulted in othersbeing delayed or purchased by others.

• Sellers’ have been reluctant to offer more time forclosing, requiring a short ten days to close onpurchase contracts. A contract with mortgagebanking professional has led to more realistic time-frames as confidence has grown that the program canmove effectively through a purchase.

• Lenders offering permanent financing for buyersat first had numerous obstacles but negotiations

and agreements haveallowed the developersto purchase the proper-ties with NSP funds.There can be a variationbetween the timeframea seller wants (fast- tendays) and the permanentlender requires (up to60 days). By authorizingthe developer partners topurchase the properties

in the interim, the closing can take place while thebuyers get their permanent mortgages.

• Homebuyers are able to take their 8 hour training ona Saturday while at the same time their applicationsand qualifications are processed side by side at theevent. This allows for one stop shopping to obtainHUD certified homeownership counseling andqualification. These activities are carried out bythe City’s partners.

• The program hired a GIS expert who maps lispendens on a daily basis and produces maps thatallow the City to identify clusters and neighborhoodsthat can be targeted for stabilization. This hasprovided a glimpse into the future to allow for strategicpurchases and neighborhood stabilization.

• Another contractor hired is a LEED certified specialistwho is providing assistance with incorporatinggreen and energy efficiency features into homes andis developing creative uses for deconstructionmaterials and recycling, all in support of the City’sGreen initiatives.

• Rental projects are on schedule but require adifferent set of tools in evaluating capital needsand future operating funding.

• Demolition has taken place and a large blightedforeclosed property is the subject of communitysupport for demolition.

Arbor Oaks NSP home in Jacksonville.



City of Port St. Lucie

The City of Port St. Lucie hopes to have 130homes purchased and rehabilitated bySeptember of 2010 using its NSP allocation

of $13.5 million. The centerpiece of their programwas getting the various city departments coordinatedand ready to work together. The information tech-nology department set up a special computer networkso that all Departments working on the program canaccess files and information on each property as itgoes through the process. This took some time butwas worth the effort. The City also received technicalassistance from the Florida Housing Coalition in itsearly stages to set up a tracking system for theproperties and funds.

In its operation of the program it has been noted thatthey have to look at ten properties for every one that ispurchased. Competition with cash investors has lostmany properties to the private sector which is aconcern for neighborhood stabilization if these arenot adequately rehabilitated before being rented. TheCity also needed to expand its target areas to take in abroader spectrum of affected areas and to increase theavailable choices for purchase.

The City is taking title to the properties and this istriggering a more extensive environmental review.They are dealing with vacancy and mold relatedproblems. The City is also responsible for payingthe utilities, lawn maintenance and liability insurancefor these properties. The Community ServicesDepartment, with Tricia Swift Pollard coordinating,is seeking to purchase multiple properties on thesame street so as to have more impact on stabilizingneighborhoods. This is beginning to make a dif-ference visually in some areas. They are working witha core of 5-6 Realtors out of a 30 who signed on toassist. They have purchased 37 homes and obligatedor committed close to $4 million in NSP funds.Twenty homes are under rehab and ten have beendemolished. According to Tricia Pollard, “I think this

program will make a difference in Port St. Lucie., Wehave seen a number of instances where the propertywe buy really improves the entire street. However,it is a challenge to purchase other abandoned proper-ties on the same street because those homes are eithernot through the foreclosure process or are not yet forsale. With the short time frames for this program if thehomes are not through foreclosure, we do not have theluxury of waiting for them to become available.”

Polk County

Just as Polk County’s building growth skyrocketed overthe past five years, this very large central Florida coun-ty suffered from widespread foreclosures in both scat-tered site areas and entire subdivisions. Just last yearover 9,000 homes were added to the foreclosure inven-tory. The City of Lakeland also experienced a highrate of foreclosures. Both Polk County ($14.5 million)and the City of Lakeland ($2 million) are recipients ofHUD direct Neighborhood Stabilization Program funds.So far over 30 homes have been purchased.

Polk County’s strategy for mobilizing NSP dollars is adeep commitment to having the private sector play amajor role in the administration and implementation ofthe program. The County’s role is confined to compli-ance and monitoring contracts while a procurementprocess led to the engagement of Swan Advisors tomanage implementation of the program and theKeystone Challenge Fund to carry out the development

Purchased for $45, 900 the home needs approximately$17,000 in repairs and will be repaired. Some of the priorinterior "improvements" such as the paint will be toned downduring the repair/rehab process. This home (except for thecolorful interior) is typical of the homes purchased early inthe process, in Port St. Lucie.


activities. Both are compensated a flat fee. TheCounty engaged a private accounting firm to manageall disbursements and provided a $4 million advancefrom general revenue funds to allow for rapidremittances. This greatly enhances the possibilityfor meeting tight closing deadlines and to have fundsavailable for all due diligence activities. Over 140local firms have been qualified to work within theprogram providing myriad services from locksmithsto building contractors.

According to Jeff Bagwell, executive director ofKeystone Challenge, the Polk County partnership hasa core philosophy of acting strategically to stabilizeneighborhoods. With several very large target areasthere is an emphasis on limiting the number of verylow income units in a given area to buying units inbulk in subdivisions. Bruce Lyons, with SwanAdvisors, cautions that the relatively low listing pricesof the homes often results in the need for a very lowsubsidy for homebuyers but the program must becognizant of the risks of homeownership for very lowincome buyers. This is the rationale for homeowner-ship counseling. Bruce commented that rather thanfocus on sheer numbers production, the partnership isallowing economic impacts to accrue to those mostaffected- for example, if a locksmith is needed in LakeWales, a qualified vendor from that community iscalled to do the work. This supports the neighborhoodnot only with the housing but with other servicesfunded in that community.

Some of the lessons learned in Polk County are:• It is important to closely analyze the market dynam-

ics on a neighborhood basis- is the neighborhoodsuitable for homeownership or is it largely rentaland needing additional planning activities; or arethe homes to be purchased in a platted subdivisionnear the entrance which would be more marketable?

• The use of a nonprofit developer enables the homesto be purchased and rehabilitated under one titleand then re-sold when the buyer is qualified and thehome is completed.

• The partnership is working with the NeighborhoodStabilization Trust, a national agency that providesdaily listings of available units held by certainbanks- there are now 12 lenders who participate.The closing process is somewhat assisted with thisprocess as a 24 hour first look is allowed so theproperties can be checked for further investigation.

• Good public relations is helpful- the partnershiphas received positive media support from localnewspapers and three television stations havecovered the project.

• Working with Realtors has brought some surprises-while the Multiple Listing Service is essential,many real estate professionals are busy withinvestors and do not participate heavily in theprogram.

• Local vendors responded quickly and enthusiasti-cally to the call for qualifications.

• This is a four year program and the partnership isattempting to move according to the benchmarks infunding obligations and market dynamics.

So far Polk County has obligated $2,576,818 dollarswith the purchase of 28 homes, with 4 homes currentlycontract with offers pending.



Pasco County

The Neighborhood Stabilization Program hashit the ground running in Pasco County. A$19.4 million budget for this mid-state

county that was severely hit by the foreclosure crisismeans administrator George Romagnoli must structurethe program to expend close to $1 million per monthon acquisition, rehabilitation, and demolition offoreclosed homes and apartments in order to meet thecompressed time frame that defines the program.Pasco County received the 17th highest NSP award toany local government nationally. The county is alsoconsidered by some to be a leader both in the state andnation for spending its NSP money most quickly.

At press time, Pasco County NSP has expended orobligated over half of its NSP allocation on theacquisition, rehabilitation, and in some casesdemolition of over 150 homes. The County is seekingto amend its substantial amendment to reduce thelevel of funding originally committed to purchaseassistance as only five homes have been purchased todate under that strategy. It is noteworthy that in theinitial stages of the program purchase assistance waspromoted by the private sector as the only strategyneeded.

The nonprofit partnership program has 134 propertiesacquired or under contract for over $10 million in NSPfunds. The County is also refining its procedures tomake sure it complies with the Tenant Protection Actof February 17, 2009 which requires that all tenantsin foreclosed homes have at least 90-120 days afterthe foreclosure to occupy the unit. Verifying thisand ensuring that the law will be followed is absorbingstaff time as they review court files to determine occu-pancy. The NSP plan may also be amended to allowthe Habitat for Humanity affiliates to acquire andrehabilitate homes with volunteers and then holdtheir traditional zero percent interest mortgages forhomebuyers.

Here are some highlights of the Pasco County NSPexperience with some lessons learned along the way.

• Working with an experienced and qualified Realtoris the key to success. Homes are identified throughdaily Multiple Listing Services notifications orthrough lender based websites such as FannieMae’s site, www.homepath.com. Gregg Schwartz,director of the Tampa Bay Community DevelopmentCorporation, one of eight nonprofit partners in theprogram, makes bi-weekly inspections of availablehomes accompanied by a Realtor. For homes theyare interested in, the offers are phoned in from the

The nonprofitpartnership

program has134 properties

acquired orunder contract

for over $10million in

NSP funds.


site. Offers are written and submitted by day’s end.Even though bids may not be accepted due tocompetition from investors, they are left on the tableas in this volatile market they are often accepted ata later date. As Gregg says, “the meter is running.”

• Pasco County provides inspection, appraisal, rehabil-itation write up and construction management servic-es. This ensures that the funder has those HUD andCDBG requirements in compliance and location in atarget area and allows the nonprofits to continue towork with their buyers.

• Time is of the essence. Sellers may allow only 7 daysfor due diligence. The only problem seen with thistimeframe is for lead paint inspections on homes builtprior to 1978.

• Timing for closing funds is also critical. ThePasco County Clerk of Court works closely withNSP by providing closing funds rapidly. When anexecuted contract for purchase is submitted to thecounty, a case is established and sent to theFinance Department. Upon submittal of a signedHUD settlement statement the amounts are con-firmed and funds are wired to the title companywithin a day.

• Pasco County has 40 appraisers qualified for theprogram. They are paid a flat rate. The high numberof appraisers available ensures that if one is busy,another can come back in several days with anappraisal. There have been times when theappraised value is well below the asking price.

• When the rehabilitation of homes is 95% complete,Tampa Bay CDC puts the property on its website andits buyers who have registered with the HomebuyersClub can make plans to visit and purchase a homethey like. They are already completing their home-buyer counseling program.

• Most buyers are receiving FHA insured loans. Somecommunity banks are also participating. Buyerswith income below 50% of area median income,

qualify for a subsidy of up to 50% of the sales price.Lenders are requiring a minimum mortgage amountof $40,000 which prevents over-subsidy based onincome level.

• Pasco County plans to use NSP for rental housing aswell and is working with a variety of agencies thatprovide supported living or related services. Theyare considering multi-family properties as well assingle family homes that would be suitable for NSPfunding.

• Pasco County has determined that given their marketconditions, using Realtors to provide lists of availableproperties is the most expedient manner to imple-ment the NSP process.

• Pasco County has also purchased “abandoned” prop-erties through the short sale process. A determina-tion from HUD allows this as the homes are in theforeclosure process and abandoned by definition.It is critical to ensure that other title issues arecleared up but this makes a greater inventoryavailable to the program.

City of Tampa

The City of Tampa is making good progress with theirNSP program with its allocation of $13.6 million.The City has acquired ten properties in one target areawith another 20 in due diligence. NSP coordinatorStuart Campbell was surprised that at least in thiscommunity’s target areas, the cost of the properties iscoming in less than expected and they will be ableto purchase more than anticipated. The City hasselected four supportive housing organizations forthe acquisition and rehabilitation of units for clientsof social services. Finding multi-family propertiesthat are located in the NSP target areas has been achallenge. The City also has a homeownershippurchase assistance program that will target fourneighborhoods with direct assistance through localpartnerships. There is a supplemental subsidy for theacquisition and rehabilitation of historic propertiespurchased in the historic preservation area.



City of Cape Coral

Recently dubbed the third highest per-centage of foreclosures in the country byRealtyTrac with almost four percent ofproperties receiving a notice, the Cityhas found that the purchase assistanceprogram is leading the way thanks toFannie Mae and HUD contracts that givehomebuyers preference in the biddingprocess. The City has an NSP allocationof over $7 million. The acquisition-rehabstrategy is encountering a high number ofhomes with Chinese drywall which is anunpleasant finding after scheduling theinspection and getting the results back.One out of seven homes has this problemand it can only be discovered afterinvesting in the due diligence process.The City has decided to avoid these unitsaltogether. At press time, 17 homes areunder contract or have been purchased.

The foreclosure market in Cape Coral isextremely competitive and the City is fre-quently outbid during their due diligenceprocess. For this reason First Look pro-grams are the preferred means to gainaccess to acquiring these homes.According to NSP coordinator AmyYearsley, this has become essential as themarket is experiencing homes selling for$20,000 to $50,000 over the sellers listing

price. Initially the City had structured itsprogram to allow for the City’s real estateand legal department to negotiate pur-chase contracts and then assign them atclosing to their nonprofit partner, theCape Coral Housing DevelopmentCorporation. This has not worked out asthe sellers are not permitting the assign-ments. The Cape Coral HDC is maintain-ing a sufficient buyer pool with 120 per-spective homebuyers on a waiting list.

Collier County has developed an in-houseNSP strategy where the County takes titleto the properties and conducts the reha-bilitation. The homes are then set fordisposition through private channels. Sofar 469 properties have been evaluatedwith 249 inspections made. There are 39homes now either closed or under con-tract. Collier County learned early onthat competing with investors for themove-in ready homes was not fruitful.They have purchased homes needing morerehab and have completed 14 of thehomes. The County has obligated overhalf of its NSP allocation of $7 million.Now as they turn to the sale of homes,there are 28 buyers qualified out of 65applications taken. According to MarcieKrumbine, NSP manager, the County feelsconfident in obligating the balance of theNSP allocation.

Note onChineseDrywall

Some newly developed

housing markets in

Florida have a high

incidence of toxic

drywall products that

emit a gas that rots all

metallic elements

including wiring, HVAC

systems, plumbing

and even mirror silver.

The restoration of

homes built with

Chinese drywall is

catastrophically

expensive. Legislation

may be presented this

year in Florida that

would empower FEMA

to provide relief to

homeowners whose

insurance companies

or builders are unable

to rectify the problem.

As Owner Occupied residences aresurrounded by a concentration ofabandoned and blighted duplexesthat negatively affect the characterof the neighborhood, acquisitionand demolition of such structureswill allow the City to upgrade theneighborhood and provide futuresites for single family home owner-ship to complement the existingneighborhood.

HNN

neighborhood stabilization program in florida community ...€¦ · 12 the housing news network...

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