Franklin County to recieve 350K to promote home ownership

Franklin County has approved some changes to its housing program that will allow it to receive some federal funding to help residents purchase homes. The program, called the “Florida Homebuyer Opportunity Program” will provide 350 thousand dollars to the local SHIP program to promote home ownership. The program will provide up to 10 percent of a homes purchase price or 8000 dollars, whichever is less – and that money is not a gift. It would have to be repaid using the 8000 dollar federal income tax refund currently available for home buyers through the US stimulus bill. In order to receive the money, the county had to agree to adopt some new policies, including lowering the eligibility requirements so that single taxpayers making up to 75 thousand dollars a year or joint filers making up to 150 thousand dollars are eligible to apply for the assistance. The county also had to agree that the money could be used to purchase mobile homes as long as the mobile homes are built after June the 30th, 1994. County commissioners said they don’t feel many people will take advantage of the program but did make the changes to their policies just in case. Any of the money that is not used for home buying over the next year will then go into the county’s regular SHIP program which provides funding to low income residents to repair existing houses.