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Oct. 31, 2008
Pat Kuehn, APR
Community Information Specialist

VOLUSIA COUNTY RECEIVES $5.2 MILLION
IN NEIGHBORHOOD STABILIZATION FUNDS

Volusia County’s Community Assistance Division has received $5.2 million in federal funds for acquisition and resale of foreclosed and abandoned properties.

The funds were provided by the U.S. Department of Housing and Urban Development’s new Neighborhood Stabilization Program, which offers targeted emergency assistance to state and local governments to acquire and redevelop foreclosed properties that otherwise might become sources of abandonment and blight within their communities.

According to a draft amendment to Volusia County’s 2008/2009 Consolidated Plan Annual Action Plan, the funds would be used for:

• Acquisition and resale of foreclosed and abandoned properties: $3,164,840
• Rehabilitation of foreclosed and abandoned properties: $1,135,708
• Demolition of foreclosed and abandoned properties: $100,000
• Redevelopment of foreclosed and abandoned properties: $300,000
• Program administration: $522,283

The initial allocation of Volusia County’s funds will focus on selected blocks in DeLand, Edgewater, Holly Hill and Orange City and bordering unincorporated areas. The Community Assistance Division selected these target areas based on the percentage of home foreclosures, percentage of homes financed by a subprime mortgage loan, and areas identified as most likely to face a significant rise in the rate of home foreclosures.

At least 25 percent of the program funds must be used to benefit individuals with incomes at or below 25 percent of the area’s median income.

The Volusia County Council will vote on the amendment during its Nov. 13 meeting.

To review a complete copy of the amendment, click here

Questions and comments concerning the amendment should be submitted to Diana Phillips, Volusia County’s manager of Housing and Grants Administration, by Nov. 12. Phillips can be contacted:

• by e-mail at dphillips@co.volusia.fl.us;
• by calling (386) 254-4648 in Daytona Beach; (386) 423-3300, ext. 2958, in New Smyrna Beach; or (386) 736-5955 in DeLand; or
• by mail at Volusia County Community Assistance, 110 W. Rich Ave., DeLand, FL 32720.

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