Freddie Mac Joins Construction Efforts in Gainesville

Next month, a neighborhood rehabilitation initiative will begin in the Fifth Avenue and Pleasant Street neighborhoods near downtown Gainesville, as part of an effort to attract new residents and retain existing residents.

The Gainesville Community Redevelopment Agency, Freddie Mac and mortgage lender Taylor, Bean & Whitaker announced today the plans for the renovation of and new construction of up to 40 homes.

The aim of this Florida real estate project

The goal is to revive the neighborhood by building new homes; rehabilitating empty homes; offering affordable low-down payment mortgages; homeownership workshops and counseling; and up to $7,000 in down payment and closing cost assistance to qualified, mainly first-time, low-to moderate-income homebuyers.

The area targeted for revitalization includes properties along the north and south sides of Northwest 4th Street, extending from Northwest 8th Street on the west to Northwest 3rd Street on the east. The estimated completion date is 2009.

“Housing affordability is the greatest challenge facing Florida’s families – especially working families trying to live in the communities in which they work,” said Sen. Mel Martinez (R-FL). “This comprehensive neighborhood revitalization project will create quality, affordable housing for Florida families.”

How this will affect Florida housing affordability

Gainesville City Commissioner Chuck Chestnut IV was also a big fan of the endeavor. He noted:

“Affordable housing gives families the opportunity to take part in helping to revitalize their neighborhoods and will become 70 percent of a homeowner’s wealth. Affordable housing is very important because it helps to build wealth in neighborhood rehabilitation initiatives.”

“We are helping working families who are struggling to find reasonably priced, quality homes in Gainesville,” said Craig Nickerson, vice president of Expanding Markets at Freddie Mac. “Homeownership represents more than just having a roof over your head – it is a financial asset, a driver of individual wealth and the economy, and it is a key component of family stability.”

The Gainesville Community Redevelopment Agency will manage the construction and renovation of homes as well as make available its down payment assistance and homebuyer education and counseling programs. They are also working with local agencies to design the new homes and renovations plans, ensuring adherence to guidelines established by the National Trust for Historic Preservation.

The new 1,200-1,800-square-foot homes will have three-bedrooms, one or two baths. The three-bedroom, two-bath renovated homes will be 1,250-1,800-square-feet.

To ensure borrowers have access to affordable mortgage financing, Taylor, Bean & Whitaker will offer a wide range of low-down payment, flexible credit mortgage products. Freddie Mac will buy eligible mortgages from Taylor, Bean & Whitaker.

“Taylor, Bean & Whitaker is extremely excited about offering mortgage products that really open up new opportunities for home ownership to the people of Gainesville,” said Lee Farkas, the company’s chairman. “We are pleased to be working with Freddie Mac and the Gainesville Community Redevelopment Agency.”

This project should serve the needs of those looking for an affordable Florida home loan. As one of the nation’s hottest markets, it can be difficult for lower income buyers to find the right deal.