IT’S A GIFT?

Hernando County Commissioner Jim Adkins has proposed a plan to give buyers of foreclosures up to $5,000 worth of gift cards. Under the proposal, the program would reward buyers of first or second homes, particularly first-time buyers – not investors. It could not be used for properties that already receive federal funding assistance. Supporters say the gift cards would likely be spent locally, supporting local merchants. Hernando County recorded 3,256 foreclosures in 2008, a serious problem for the community. The proposal includes a marketing campaign that would target people all over the state in hopes that they will buy properties and reduce the stock of foreclosed homes in the area. The money would be funded with $25 million from the county’s reserves over a two-year period. Local home builder, Blaise Ingoglia, who came up with the idea, said the economic impact would be between $5 million and $8 million, and would increase job opportunities for real estate professionals, mortgage companies and construction workers.

Source: St. Petersburg Times, Barbara Behrendt (02/12/09)
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