FORT PIERCE — The city lost $992,700 on a gamble to improve blighted areas and boost first-time home ownership for low- to moderate-income residents.
City Commissioners on Monday heard a plan to recoup some of the money by selling 14 of the 76 mortgages to Harbor Community Bank for $729,300, about 53 percent less than the balance owed.
The goal of the program was to give low-interest loans usually, between 1 percent to 2 percent, to first-time homeowners, City Manager Nick Mimms said.