Lack of Homebuyers for Federally Funded Homes May Cost Gainesville
Published September 20th, 2012
GAINESVILLE - City officials may soon be writing a check to the federal government for several hundred-thousand dollars, but only if they can't find qualified buyers for three federally-funded homes.
A total of five homes were built in the Porter's Community near downtown. They were constructed using grant money provided by the U.S. Department of Housing and Urban Development, or HUD. It's a part of HUD's HOME Investment Partnerships Program, which is designed to give state and local municipalities money that can be used to get low-income families into more affordable homes.
Since first hitting the market, two of the homes have been sold, but three still remain unoccupied. Here's the catch: if buyers are not found for the remaining three homes by HUD's pre-established deadline of October 31, the city will be required to pay back the money used to construct the remaining homes.
City commissioner Todd Chase has contacted HUD, asking them to extend their deadline. His request was met with a firm answer: no.
As a result, city commissioners today discussed one option that would avoid the fee: allowing potential buyers to lease the homes, instead of buying. Those who lease will only do so with the intention of eventually buying the home.
But because HUD will not budge on their deadline, the city now has about 6 weeks to find anyone interested in leasing those homes with the intent to buy. If not, a $300,000 check could soon be on its way to Washington.
If you're interested in one of these homes, contact the Gainesville Housing Authority at (352) 872-5500.
- Gainesville Area Receives Funding, Housing Vouchers to Help Homeless Veterans
- North Central Florida Receiving Federal Funding to Prevent Homelessness
- Bed Bug Infestation In Northeast Gainesville Apartment
- Help For Local Housing Market
- As Housing Market Rebounds, Speed of Recovery Varies
- New Funding May Push Fairground Location Decision
- Home Buyers/Sellers In Tough Market
- The Federal Reserve's Plan To Get Back Our Economy
- Local Sunday Market Soon To Be Back In Gainesville
- Super Walmart Center Boon to East Gainesville Economy