Help to Stabilize Lee County Neighborhoods

REO, or real estate owned property is property which is in the possession of a lender as a result of foreclosure or forfeiture. 

The Lee County Neighborhood Stabilization Program is being funded through HUD. The County received approximately $18 million dollars to purchase and rehabilitate foreclosed homes and rental properties in the highest foreclosure areas within unincorporated Lee County. After rehabilitation, the County will resell the homes at no profit to income eligible buyers for owner-occupancy or, in certain instances, provide residential rental opportunities to income eligible tenants.

HUD funding became available to Lee County to make purchases as a cash buyer. Properties have to be foreclosed or abandoned and located in any of the five target areas.  As part of the process, the property has to be appraised and the County has to purchase at least 1% below the appraised value.

Lee County is buying foreclosure properties within the following locations:

• Bonita Springs
• Cape Coral
• Fort Myers
• Lehigh Acres
• Nort Fort Myers
• South Fort Myers

Please click on any of the neighborhoods to view a map of the specific target area.

Characteristics of eligible properties

• Single Family Homes
• Up to $150,000 appraised value
• New construction, never lived in, resale
• NSP is considering properties in any condition
  

By helping Lee County purchase and rehabilitate foreclosed properties, you will be helping to stabilize the neighborhoods hit hardest by this housing crisis.

Please let us know about properties as they become available for purchase.

Lee County Acquisition Process

1. REO sellers or broker/realtors® with REO listings contact Lee County’s NSP program administrators
2. The County contracts for an “as is” appraisal for the home. The County’s purchase price must be at least 1% below appraised value.
3. County staff inspects the home to find code deficiencies and estimate the cost of rehabbing the home to Lee County standards.
4. The County buys the home at least 1% below appraised value with the help of a licensed realtor®.
5. The County contracts for the required rehabilitation work. All rehabilitation is completed prior to purchase by an income eligible homeowner.
6. The NSP makes the home available for sale to qualified low/moderate/middle income families.
   
   

If you have properties that might fall into the NSP eligibility guidelines, please contact:

Brian Bissell    BBissell@leegov.com    phone: (239) 533-7943

George Effing  GEffing@leegov.com    phone: (239) 533-7959