Federal Housing Finance Agency sells foreclosed homes to Nonprofit

Nonprofit organizations in Southern Florida will have the top priority in purchasing government owned foreclosed homes starting this December. The Federal Housing Finance Agency will launch a program called The Enhanced First Look program on the first of December. This program is part of the campaign called Neighborhood Stabilization Initiative.

Under normal circumstances, the feds will auction foreclosed homes to the general public. However with the Enhanced First Look program, nonprofit organizations will be prioritized. Nonprofits will have the first pick among the foreclosed homes and be able to renovate, rent, demolish and rebuild these homes.

The program aims to stabilize distressed communities by allowing people to inhabit these properties that have stood empty for months or years. Government controlled housing corporations Freddie Mac and Fannie Mae own an estimated 2,000 foreclosed homes in 3 Florida counties namely Miami- Dade, Broward and Palm Beach and each of these homes are valued at about $75,000.

Florida Property Management stated that only local community organizations that have been approved by the National Stabilization Trust will be allowed to bid on the foreclosed homes. Organizations are allowed 12 business to communicate and express their interest and negotiate on the price. All the homes will be priced at fair market value.

Source: miamiherald.com