South Florida nonprofit organizations will have the first crack at buying government-owned foreclosed homes in a new program launching Dec. 1, the Federal Housing Finance Agency announced Tuesday.
Normally, the feds auction off foreclosed homes to the general public. Flippers and investors generally win. But a program to let community groups bid first is now launching in South Florida and 17 other major metropolitan areas. The so-called Enhanced First Look program, part of a wider effort called the Neighborhood Stabilization Initiative, was first tested in Detroit and Chicago. It allows nonprofits to rehab, sell, rent and even demolish and rebuild the homes.