Pasco Opportunity Program (POP) Leveraging

About the Program

Category: Community and Economic Development (Best in Category)

Year: 2013

The Pasco Opportunity Program (POP) leveraging is an innovative partnership between local government and housing non-profit agencies that was created in 2009 by the Pasco County Community Development Division staff. Through the program, properties are purchased, repaired, and then resold to income-eligible homebuyers. Division staff brings to the program the knowledge of construction, expeditious permitting, and funding. The housing non-profit agencies bring the ability to act swiftly by having the knowledge of the neighborhoods and relationships with realtors and lenders. In 2008 Pasco County received $19.4 million in Neighborhood Stabilization Program (NSP) funds, the 19th largest allocation in the country. Even with the large allocation, additional funds were needed to have a greater impact in the community. Staff reached out to Neighborhood Lending Partners (NLP) to request assistance in leveraging the funding. With the leveraging of funds, the impact to neighborhoods has been positive, and the amount of vacant housing available on the market has decreased, which has stabilized housing prices. Through the purchase and redevelopment of foreclosed and abandoned homes and residential properties, the neighborhoods of Pasco County have improved greatly and 368 families have achieved home ownership.