Christopher Pilotte thought his dream of becoming a homeowner was on the verge of fruition when he got a letter saying he had been approved for Coral Springs’ neighborhood stabilization program.

After putting offers on four foreclosed homes and seeing all of them go to investors who have reappeared on the scene in the last few months, he is not so sure.

“I saw one single-family home between Riverside and Woodside Drive. The asking price was $89,000,” Pilotte said. “I offered $110,000. I thought I had a good shot at it. Two days later, my real estate agent tells me the house has been sold.”

Coral Springs received $3,378,142 from the union department of housing and urban development (HUD) for purchase and rehabilitation of foreclosed and abandoned properties. The program is being implemented in areas that fall within the 33065 zip code as the area has the maximum number of foreclosed homes. The deadline for completion of the program is September 2010.

“I qualified for full assistance. I will get $25,000 for purchase of the house and $25,000 for repairs,” Pilotte said. “I’ve been looking at homes just about every day. I would love to get a single family home, but a town home would also be good.”

Pilotte is not the only one facing such a situation. Coral Springs, through Community Redevelopment Associates of Florida Inc. (CRA), has identified 51 prospective homeowners who would get financial assistance as part of the program; none of them have been successful in closing a home.

“We have 51 applicants that are actively looking for homes,” said Susan Hess, Coral Springs director of community development. “Some of them have found houses they like, but the next thing they know, the house has been sold. We hope to help 60 families as part of the program.”