Recently, The U.S. Department of Housing and Urban Development has offered a $3.38 million dollars grant to help address the abandoned and foreclosed homes in Coral Springs.
This grant allows the money to be used in five ways. This includes the purchase and rehabilitation of foreclosed homes. The establishment of financing mechanisms for the purchase and development of foreclosed and residential properties is another option. The others include the demolition of impaired structures, the redevelopment of vacant and demolished properties, and the creation of a land bank. A land bank is a public authority that is established to proficiently hold, manage, and develop tax-foreclosed property.
The city already offers rehab and purchase assistance programs for residents and although foreclosures are occurring, most houses are not in bad condition. This means that the option for providing funds for demolition of impaired structures is not relevant for Coral Springs.
As good as over $3 million in funds sounds, the grant is not being welcomed with open arms. The grant would put the city in the housing business. Some of the City Commission members are afraid of what will happen when they have spent that money. Eventually, if buyers are not found for these properties, the city would have to pay to maintain them until they are purchased. The basis of the worry is the market; you cannot truly predict when the market will turn around. Some commission members, like City Manager Mike Levinson and Vice Mayor Vince Boccard, worry that it may be years. Other members, like Commissioner Roy Gold are uncertain about the right course. However, Mayor Scott Brooks is confident that the market will turn around before the city has to spend too much money on maintaining the homes.
The pros and cons need to be weighed. Although the program puts the city at some risk, risk is often necessary if changes and progress are to be made. If you live in Coral Springs, be sure to give your input.
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