Crosland Chosen to Redevelop Tampa-Area Homes Under HUD’s Neighborhood Stabilization Program

Redeveloped properties will be sold to HUD-qualified buyers

TAMPA, Fla., Jan. 14, 2010 – Through $4 billion in funding from the Housing and Economic Recovery Act, Crosland LLC, in 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.

“We are excited to work with housing partners like Crosland to help revitalize those Tampa neighborhoods most negatively impacted by the recent foreclosure crisis,” said Cynthia Miller, the city of Tampa’s director of growth management and development services. “This program will renew what has been neglected, and give many homeowners and neighborhoods a fresh start. 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 buy and renovate foreclosed 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 percent of the area’s median income. Each homebuyer will undergo an approved Home Buyer Counseling Program and be eligible for down-payment assistance and a zero-interest second mortgage.

“We look forward to being a productive partner with the city of Tampa through this program,” said Phillip Smith, Crosland’s Florida residential vice president. “Not only does it offer future buyers a high-quality, energy-efficient home for an affordable price, this revitalization effort improves the quality of our communities and provides a significant economic boost through direct reinvestment and job creation. The benefits of the program are immediate, and the impact on Tampa’s neighborhoods are positive and long-term.”

The process has begun with three properties contracted for purchase in December 2009. The first homes redeveloped by Crosland and DDA Development are expected to be on the market by spring 2010 and will be in the North Tampa, University Square, Sulphur Springs and Old West Tampa communities.

About DDA Development

DDA is a full-service development company based in Tampa, with an office in Fort Myers. DDA has developed affordable housing in several markets throughout Florida and the eastern United States.