The Real Deal Miami

Government-run house flipping?

April 22, 2010 10:38AM

Miami-Dade County has purchased 30 single-family homes in the past year
with federal Housing and Urban Development grant money. The county,
through its Neighborhood Stabilization Program, acquires and renovates
homes and rental properties and then markets them at attractive prices.
The county is focusing its might on areas hit hardest by foreclosures.
Potential buyers, however, can earn at most 120 percent of the median
income in the area of the home, and not less than 50 percent of it.
Only certain pre-approved lenders can offer loans on the properties,
most of which are in southwest Miami-Dade County. The program will move
to other parts of the county soon, and similar programs are being run
in Broward County. [Miami Herald]