The Real Deal Miami

Buyers criticize Coral Springs program

July 20, 2009 10:01AM

Many prospective buyers in Coral Springs say the city’s neighborhood stabilization program, which aims to put low-income buyers in foreclosed homes, isn’t working. Critics say the problems stem from the fact that buyers can only purchase homes within one high-foreclosure zip code, the fact that investors are buying many of the foreclosed homes in cash purchases and the tough guidelines buyers must meet before they can close on homes. The Housing and Economic Recovery Act has given the city $3.38 million for the program, and homes that have been foreclosed on for at least 90 days are eligible for sale.