Make us your home page
Instagram

Today’s top headlines delivered to you daily.

(View our Privacy Policy)

Federal Neighborhood Stabilization Program awards Pasco $27 million

NEW PORT RICHEY — Pasco County will get another $27 million in federal housing funds to help deal with the foreclosure crisis, officials said Thursday.

That award, part of the U.S. Housing and Urban Development's Neighborhood Stabilization Program, comes on top of the $19.4 million the county received last year in that same program's first round.

Pasco has spent 75 percent of that first award — more than any other community in Florida, county officials say.

More than 480 agencies and governments competed for the $2 billion in this latest round of funding, which was earmarked for areas hit hardest by foreclosures and vacancies. Only 56 agencies were funded.

Pasco teamed up with Pinellas County and Neighborhood Lending Partners of West Florida, Inc., a non-for-profit banking consortium, on the latest application.

The three received a total of $50 million, and Pasco's share is the $27 million, said George Romagnoli, Pasco's community development manager.

Florida groups received a total of $348 million.

According to the Pasco and Pinellas group's application, the funds will be used in targeted areas across 103 census tracts where the economic downturn and volatile financial and housing markets have resulted in high foreclosure rates and declining communities.

In both counties, the money will go toward home buyer assistance, the rehabilitation of foreclosed or abandoned homes, the demolition of blighted structures and redevelopment of vacant or demolished lots.

These activities target households with incomes at or below 120 percent of area median income. The cutoff for a family of four, for instance, is $71,040.

In Pasco County, the lion's share of the money — $15 million — will go to a program that funds nonprofit agencies to acquire and fix up homes then put them back on the market.

Another $6 million will go toward down payment assistance, with the rest spread among acquiring and refurbishing multifamily projects, demolishing blighted structures and redeveloping vacant properties, according to Romagnoli.

The first round of funding has been targeted at west Pasco, but this $27 million can be used in other parts of the county, including Dade City, Zephyrhills and central Pasco, where investors were once scooping up as many as 15 homes at a time with balloon and subprime mortgages, according to the application.

HUD officials say the money went to applicants "who developed the most innovative ideas to rebuild local communities while demonstrating that they have the capacity to be responsible stewards of taxpayer dollars."

The Neighborhood Stabilization Program was created to redevelop hard-hit communities, create jobs and jump start the local housing market. Last year, HUD awarded nearly $4 billion to 300 applicants as part of the program.

Jodie Tillman can be reached at [email protected] or (727) 869-6247.

Where's the

money going?

$15 million toward a program that helps nonprofits fix homes and put them back on the market.

$6 million in down payment assistance.

The rest: Acquiring and refurbishing multifamily projects, demolishing blighted structures and redeveloping vacant properties.

Federal Neighborhood Stabilization Program awards Pasco $27 million 01/14/10 [Last modified: Thursday, January 14, 2010 8:27pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Review: Kenny Loggins, Michael McDonald team up to cool down the Clearwater Jazz Holiday

    Blogs

    A cool breeze swept through Coachman Park Saturday night. Couple of them, actually.

    Kenny Loggins performed at the Clearwater Jazz Holiday on Oct. 21, 2017.
  2. No. 16 USF hangs on at Tulane, off to first 7-0 start

    College

    NEW ORLEANS — After half a season of mismatches, USF found itself in a grudge match Saturday night.

    USF quarterback Quinton Flowers (9) runs for a touchdown against Tulane during the first half of an NCAA college football game in New Orleans, La., Saturday, Oct. 21, 2017. (AP Photo/Derick E. Hingle) LADH103
  3. Lightning buries Penguins (w/video)

    Lightning Strikes

    TAMPA — Ryan Callahan spent a lot of time last season rehabilitating his injured hip alongside Steven Stamkos, who was rehabbing a knee after season-ending surgery. During those hours, Callahan noticed two things about Stamkos: his hunger and his excitement to return this season.

    Tampa Bay Lightning defenseman Slater Koekkoek (29) advances the puck through the neutral zone during the first period of Saturday???‚??„?s (10/21/17) game between the Tampa Bay Lightning and the Pittsburgh Penguins at Amalie Arena in Tampa.
  4. Spain planning to strip Catalonia of its autonomy

    World

    BARCELONA, Spain — The escalating confrontation over Catalonia's independence drive took its most serious turn Saturday as Prime Minister Mariano Rajoy of Spain announced he would remove the leadership of the restive region and initiate a process of direct rule by the central government in Madrid.

    Demonstrators in Barcelona protest the decision to take control of Catalonia to derail the independence movement.
  5. Funeral held for soldier at center of political war of words (w/video)

    Nation

    COOPER CITY — Mourners remembered not only a U.S. soldier whose combat death in Africa led to a political fight between President Donald Trump and a Florida congresswoman but his three comrades who died with him.

    The casket of Sgt. La David T. Johnson of Miami Gardens, who was killed in an ambush in Niger. is wheeled out after a viewing at the Christ The Rock Church, Friday, Oct. 20, 2017  in Cooper City, Fla. (Pedro Portal/Miami Herald via AP) FLMIH102