Thanks to a $750,000 state grant, about 10 Palm Coast homes will be rehabilitated. Those owners must stay in the home for 15 years.
As part of Palm Coast’s Prosperity 2021 plan, the city announced it will be getting a $750,000 grant from the Department of Community Affairs to rehabilitate about 10 homes.
Beau Falgout, senior economic development planner for the city, announced at the May 10 City Council meeting that the concept of the plan is to rehab homes for people who are “cash poor but home rich.”
The Community Development Block Grant allows the city to distribute money to approved applicants who might need renovations done to their homes. According to the agreement, the homeowner must stay in the home for 15 years following the rehab investment to avoid penalty.
As City Council member Mary DiStefano said, the program is not designed for homeowners to rehabilitate the home and flip it.
A qualifying home, according to the city’s presentation, is one that is deteriorating, and the homeowner has no funds or ability to administer repairs.
The grant budget is $617,000, which will likely go toward an estimated 10 homes; $20,000 for temporary relocation in case the homeowner can’t stay in the home during the rehab process; and $112,500 for the grant administration.
The city will pay $84,000 ($42,000 per year) to Guardian Community Resource Management Inc. for administration services — which is part of the $112,000. Guardian, which is also used for the city’s Neighborhood Stabilization Program, completed the application process last year at no cost. Falgout said the county will administer the application process, and the grant will cover a two-year term to carry out the program.