Crosland, DDA awarded $2.6 million

Crosland, DDA awarded $2.6 million

Charlotte, N.C.-based Crosland LLC, in a partnership with DDA Development, has been awarded more than $2.6 million from the City of Tampa to acquire, rehabilitate and resell foreclosed homes in the Tampa area under HUD's Neighborhood Stabilization Program.

This program will renew what has been neglected, and give many homeowners and neighborhoods a fresh start,” Cynthia Miller, the City of Tampa's director of growth management and development services, said in a press release. “We've selected a well-qualified group of housing partners to help us put these funds to work, and we're eager to see the results.”

As part of the program, Crosland and DDA, acting as agents on behalf of the City of Tampa, will focus on properties in five targeted neighborhoods in the Tampa area. The revitalized homes will then be sold to HUD qualified buyers whose incomes cannot exceed 120% of the area's median income. Each homebuyer will undergo an approved Home Buyer Counseling Program and will be eligible for down payment assistance and a zero-interest second mortgage.

The partners bought it first three properties last month.