Lakeland program hopes to unload foreclosures

A new program in Polk County is making previously unaffordable homes available to low income families.

The Lakeland Housing Authority is scooping up foreclosed homes in the Hampton Hills subdivision in Lakeland and selling them at a discount.

LHA Executive Director Herb Hernandez said group is in the process of buying 12 homes through short sales in the subdivision. The money is coming from a government grant.

The plan is to buy the homes and then resell them at the appraised value.

"With the real estate market decline, the homes that used to sell for much more are able to be bought for less than what we can build a home," Hernandez said. "These homes are actually only 3, 4, 5 years-old. So, they're in good shape. They need cosmetic work, drywall repair, painting. In some cases, the fixtures have been removed by the former residents. So, it will be easy to fix those up and it will be quick."

Potential home buyers must meet HUD guidelines, a background check and complete home ownership training.

The Lakeland Housing Authority held a similar program previously with foreclosed condos. The program sold 44 condos and only had two of those purchases go into foreclosure.

For more information on the program, call (863) 687-2991 or go to lakelandhousing.org.