Jackie Cross

Port St Lucie in a recent study has been one of the most active in using the federal monies they have received from the Neighborhood Stabilization Program. The program is to be used to redevelop, purchase and renovate foreclosed properties in areas that may incur blight from excess foreclosed and abandoned homes.

Port St Lucie received $13.5 million in funds. They have hopes of buying and renovating 130 homes with the monies. With over 15,000 homes being foreclosed since January you would think they might have plenty to from which to choose. However they have found that investors have been outbidding them. Thus far they have purchased 34 homes. Eleven of these homes were considered unrepairable and have been demolished, the remaining 23 are to be renovated then resold. The city must commit all funding by next September though it is supected that the program may be continued if it proves to be succesful.

With this program the city can not recoup more that the total costs to purchase and renovate. Also 25 % of the monies must be used to sell the homes back to low income home buyers. Strict income levels must be meet. Any remaining monies can then be used to sell homes to buyers earning less than 120% of the median household income for the area.

Application has also been made to another program, the American Recovery and Reinvestment Act. If it gets the funding the city would have more monies to use to help with down payment assistance. More information will be available for this program if funding is received.

St Lucie County has announced that funding is now available for the NSP* (Neighborhood Stablization Program). They have received $3,984.601 from the Florida Dept. of Community Affairs. The NSP program can provide up to $40,000 in purchase assistance for first time homebuyers meeting income criteria. All applications must be placed between 11-16-09 to 1-16-10 through the St Lucie County Community Services Dept. at 437 North 7th St. For more information please call direct to 772-462-1290 or you may read more via St Lucie County website http://www.stlucieco.gov/community/nsp.htm

*The Neighborhood Stabilization Program (NSP) was established for the purpose of stabilizing communities that have suffered from foreclosed and abandoned homes. Through the purchase and redevelopment of foreclosed, abandoned homes and residential properties this can be accomplished.

NSP grantees develop their own programs and funding priorities. However, NSP grantees must use at least 25 percent of the funds appropriated for the purchase and redevelopment of abandoned, foreclosed or residential properties that will be used to house individuals or families whose incomes do not exceed 50 percent of the area median income.

NSP funds may be used for activities which include but are not limited to:

• Establish financing mechanisms for purchase and redevelopment of foreclosed homes and residential properties;
• Purchase and rehabilitate homes and residential properties abandoned or or foreclosed;
• Establish land banks for foreclosed homes;
• Demolish blighted structures;
• Redevelop demolished or vacant properties

This week was especially busy with not only your normal fruits, vegetables & plants but arts and crafts as well. So much from which to choose.

What a beautiful location the St Lucie County has for it's Saturday Farmer's Market. The park on the waterfront sits next to the yacht basin in downtown Ft Pierce.

And an added plus is that it is also across from the public library. There is usually plenty of parking.

This can be an enjoyable day for all with so such a variety of stores and public sites to see in the area.

Saturday was the annual Airport Day at St Lucie County International Airport in north Ft Pierce. Old and unusual planes were on display for the public to view. A number of related vendors and charities were also on site.

The EEA Young Eagles were to offer free plane rides but the extreme winds canceled those flights. The event was free and quite interesting.

Just another tidbit of information is that Amelia had been a regular visitor to the area and often flew into this every airport.

If you missed the event this time be sure to catch it next year....

Though it has been my experience that many of the short sales in our area do not ever close before foreclosure takes place this one is a sucess. We just made it under the auction wire by only a few days. The bank set a deadline of last Friday for the funds to be presented and trasfered to them after accepting a very low offer and having to negoitate the HOA fees. The HOA fees and taxes had not been paid for 3 years contributing further to the banks loss on the sale. They accepted a sales price of $75,000 for a unit that they were owed a total of over $200K. After all expenses on the HUD they made only a little over $40K toward the $200K. Quite a loss.

This condo was in the Promenade section of the new area known as Tradition here in Port St Lucie. We are seeing prices falling into those of the late 1990's to early 2000's values. Great for buyers who are snapping up the bargains. If you are sitting on the fence don't. These prices will not last forever.