Coral Springs City Commissioners have rejected the idea of the city entering the housing business.

Instead, the city will use the $3,378,142 grant from the U.S. Department of Housing and Urban Development (HUD) to provide financial assistance for very low, low, or moderate-income residents seeking to buy a home. The money will be used for down payment assistance and repairs.

The city has entered into a partnership with Community Redevelopment Associates of Florida Inc. for implementation of the neighborhood stabilization program. The agency will prepare an action plan within two weeks. The program has to be in place by December, while the funds have to be used within 18 months. The focus of the program will be on foreclosed properties in the 33065 zip code area.

The arrangement with CRA helps the city accomplish more with less risk, said the City Manager Mike Levinson. “The neighborhood stabilization program goes hand in hand with the foreclosure prevention program that we have implementing. We are doing the proactive stuff; this is reactive.”

“We will work with CRA for pre-qualification of buyers,” Levinson said. “We will also pre-qualify homes as well. The money will be given on a first come first serve basis.”

Housing counseling for prospective buyers is an integral part of the program, said assistant city manager Erdal Donmez. “Ten percent of the grant will be used for administrative expenses, with CRA getting 6.8 percent. There are 485 foreclosed homes owned by banks in Coral Springs while 462 are in the final stages of foreclosure."