Today in Palm Bay Florida here in Brevard County there are currently over 1000 houses sitting empty. Most have been foreclosed on. Many of these are providing excellent buying opportunities for smart, savvy customers. Some are being purchased at pre-2005 prices. Others are just sitting, empty. Some are eyesores and are creating a neighborhood nuisance.
Brevard County has been give $10.55 million and the City of Palm Bay gets about $5.28 million of those funds. The hope is to help move some of these properties off the market, and into the hands of caring new owners or new tenants. Brevard County Housing and Human Services believes that the need lies in more single family rental homes being made available to those that have lost their homes due to foreclosure.
The funds have been approved to be used in a couple of different ways:
To demolish the homes that are beyond repair.
To help finance the purchase of some of these homes.
Purchasing and rehabbing some, in order to resell, rent or redevelp them.
It is uncertain as to how the funds will be disbursed at this point, however the City of Palm Bay has 18 months in which to use the money.
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