A cool $30 million from the Neighborhood Stabilization Program has been given to Pasco County, Florida to be used to purchase distressed or foreclosed properties, make necessary repairs and resell the homes to lower income families.  This marks the second set of Federal monies that has been given to Pasco County, the first being $19.5 million that was used in the older neighborhoods of West Pasco and a small portion of was used for down-payment assistance.  However, the down-payment assistance program proved inefficient as banks are reluctant to mortgage homes that are in need of extensive repairs.

This benefits the county through job opportunities, zero interest loans and decreasing the real estate inventory in the county.  Nonprofit housing agencies purchasing the homes will only be allowed to pay $120,000 or less for homes with these funds, enabling the agencies to locate homes without need of much repair.  This will in turn allocate extra funds for down-payment assistance and bring hope to low income families in search of a home through this program.