Margate recently received more than $2 million from the federal government’s Neighborhood Stabilization Program (NSP). The city has 18 months to spend the money and intends on buying foreclosed properties and fixing them up.
At an estimated cost of $100,000 per home, this amounts to the purchase and repair of about 20 homes, say officials at Margate’s grants office. Once ready for occupancy, the idea is to rent the homes based on need. Other ideas include rent to own options, mortgage subsidies and grants for first time homebuyers.
Foreclosures in Broward went from 4,111 in 2006 to more than 37,000 at the close of 2008. The worst in history.
In the event that Margate sells these properties at a future date, any monies above and beyond the original investment would most likely benefit future Community Development Block Grant (CDBG) initiatives.
Currently, Margate is in the process of shopping for foreclosed homes. More details regarding the program can be obtained by calling the grants office at 954-973-0300 or by visiting their website.
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