From foreclosed homes to affordable housing - great non-profit idea in Naples, Florida.
NAPLES — One man has a plan for turning hundreds of foreclosed Collier County homes into affordable housing, pumping millions of dollars into the local economy, staving off blight and giving worthy applicants a chance to become homeowners.
“A window of opportunity exists right here in Collier County like never before,” said John Barlow, who founded the nonprofit organization Housing Opportunities Made for Everyone, or H.O.M.E., in May when he saw the foreclosure crisis snowball through the community.
The volunteer organization buys foreclosed homes, rehabilitates them and sells them to income-qualified buyers. Its first of 12 homes closed in December.
About 7,900 Collier County homes were lost to foreclosure in 2008 and Barlow, in a recent presentation to the Collier County Commission, proposed a partnership between H.O.M.E. and the county to transform about 15 percent of those homes to affordable housing.
As a member of the affordable housing advisory board, Barlow said the county has struggled to find affordable housing and this foreclosure crisis could bring a much-needed supply.
He suggested a one-home pilot program. In Barlow’s example, the county could buy a house for $60,000 from funds in the affordable housing trust fund, the general fund or proceeds of a potential casino tax. H.O.M.E. would then invest $40,000 for rehab work.
The total sale price would be close to $105,000 including about $5,000 for other costs, such as government fees. Once the home sold, the county would get its money back and $40,000 would have gone to the trades that desperately need work.
The program would come with stipulations to avoid house-flipping, such as requiring a fee if the property were sold to anyone other than income-qualified buyers.
If the program works the way he expects, Barlow estimates the partnership could turn 1,000 to 1,500 homes around in one to two years, pouring at least $400 million into the local economy.
“I recommend that Collier decide not to participate any further in letting these foreclosures drag us down,” Barlow said. “You can see the properties sit there and languish where they are.”
The partnership would complement the U.S. Department of Housing and Urban Development Neighborhood Stabilization Program, which, according to the HUD Web site, provides grants to every state and some local communities to buy foreclosed or abandoned houses for rehabilitation or resale.
Collier County recently received its $7 million allocation, County Manager Jim Mudd told the board and suggested Barlow work with county staff to further outline his plan.
“I think it’s pure genius what you’ve tried to come up with using funds that are available,” said Commissioner Jim Colletta. “I need for you to get back with (county staff). ... In two weeks we’ll come together and I’m sure we’ll come back with something that’s positive.”
http://www.naplesnews.com/news/2009/mar/22/man-floats-idea-turn-foreclosed-homes-affordable-h/?partner=RSS
44“A window of opportunity exists right here in Collier County like never before,” said John Barlow, who founded the nonprofit organization Housing Opportunities Made for Everyone, or H.O.M.E., in May when he saw the foreclosure crisis snowball through the community.
The volunteer organization buys foreclosed homes, rehabilitates them and sells them to income-qualified buyers. Its first of 12 homes closed in December.
About 7,900 Collier County homes were lost to foreclosure in 2008 and Barlow, in a recent presentation to the Collier County Commission, proposed a partnership between H.O.M.E. and the county to transform about 15 percent of those homes to affordable housing.
As a member of the affordable housing advisory board, Barlow said the county has struggled to find affordable housing and this foreclosure crisis could bring a much-needed supply.
He suggested a one-home pilot program. In Barlow’s example, the county could buy a house for $60,000 from funds in the affordable housing trust fund, the general fund or proceeds of a potential casino tax. H.O.M.E. would then invest $40,000 for rehab work.
The total sale price would be close to $105,000 including about $5,000 for other costs, such as government fees. Once the home sold, the county would get its money back and $40,000 would have gone to the trades that desperately need work.
The program would come with stipulations to avoid house-flipping, such as requiring a fee if the property were sold to anyone other than income-qualified buyers.
If the program works the way he expects, Barlow estimates the partnership could turn 1,000 to 1,500 homes around in one to two years, pouring at least $400 million into the local economy.
“I recommend that Collier decide not to participate any further in letting these foreclosures drag us down,” Barlow said. “You can see the properties sit there and languish where they are.”
The partnership would complement the U.S. Department of Housing and Urban Development Neighborhood Stabilization Program, which, according to the HUD Web site, provides grants to every state and some local communities to buy foreclosed or abandoned houses for rehabilitation or resale.
Collier County recently received its $7 million allocation, County Manager Jim Mudd told the board and suggested Barlow work with county staff to further outline his plan.
“I think it’s pure genius what you’ve tried to come up with using funds that are available,” said Commissioner Jim Colletta. “I need for you to get back with (county staff). ... In two weeks we’ll come together and I’m sure we’ll come back with something that’s positive.”
http://www.naplesnews.com/news/2009/mar/22/man-floats-idea-turn-foreclosed-homes-affordable-h/?partner=RSS
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