- March 28, 2024
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The Neighborhood Stabilization Program began in 2008. Palm Coast was initially allotted $2.6 million and recently received an additional $1.4 million.
David and Opaulla Holmen recently moved into a new home in Palm Coast, and they realize that if it wasn’t for the city’s first housing program, buying a home may not have even been an option.
The Holmens utilized the Neighborhood Stabilization Program to move into their new Pine Lakes home last month.
“It’s a great program because, otherwise, we probably wouldn’t have been able to get into a house,” David Holmen said. “It’s a cool deal to be able to take advantage of.”
The Neighborhood Stabilization Program is a federally funded initiative and can provide prospective homebuyers with up to 20%, or $30,000, toward the downpayment or closing costs. That extra cash, has enticed prospective buyers who might have been on the fence to actually purchase.
Typically, homebuyers receive between $20,000 and $30,000 of assistance.
In the first year of the program, the city has purchased 19 homes that have been foreclosed on or were in the foreclosure process. And all of the 19 homes have been rehabilitated or are currently in renovation, according to Beau Falgout, senior economic development planner for the city.
Jimmy Millhollin, president of Flagler Home Services Corp., is one of the developers who helps the city locate homes and rehab them for the applicants. Millhollin also worked with the Holmens.
“(The program) is a benefit, and it does take care of some of the empty houses out there,” Millhollin said. “It helps the neighborhoods, and it shows that something is happening — not a lot, but something.”
Falgout said the city hopes to diminish the foreclosure market by nearly 30 homes.
According to www.realtytrac.com, there are 1,831 foreclosure homes in Flagler County.
The city has a September deadline to occupy all 20 homes. Falgout said seven homes are currently occupied, three of which have been sold.
Falgout added that the city initially got $2.6 million for the program, but recently received another $1.4 million.
Falgout estimates the city will rehab between 30 and 35 homes with the initial money and 20 with the second portion.
Falgout said the Neighborhood Stabilization Program benefits everybody.
“I think the program is valuable … and it’s going to help the city by absorbing some of the foreclosed homes,” he said.
The city is also pursuing a grant for about $700,000 for further neighborhood help.