Charlotte County, Florida is putting the $6.7 million received as part of the Obama Administrations Neighborhood Stabilization Program to work. The Neighborhood Stabilization Program provides grants to communities that have suffered from the housing crisis by purchasing and restoring foreclosed and abandoned homes.

The county plans on using the grant money to purchase foreclosed homes, provide any repairs that are needed and donate them to local non-profit housing organizations.  The groups may then turn around and rent the homes to low-to-moderate income households.  Finding homes that have a final foreclosure order has been the tough part, as investors are flocking to these types of deals and purchasing up to 10 homes at a time.  According to Bob Hebert, Charlotte County housing manager, "We're making progress, but we're not where we want to be."

Charlotte County is shooting to purchase around 40 homes by the end of September.  Twenty five percent of the funds must be put towards developing properties that will house people that earn 50% or less of the median income in the area.  If the funds are not put towards development, it must be returned to the state of federal departments.