The Florida Hardest Hit Principal Reduction Program, which helps underwater homeowners reduce the principal balance on their homes, reopened its application process in May.
The $350 million state program closed in October after receiving 25,000 applications from underwater homeowners in one week. Only $102 million has been expended out of the $350 million allocation; 2,400 residents had been served.
The program assists homeowners who have remained current on mortgage payments over the last 24 months and who owe at least 125 percent more than their home’s current market value. Up to $50,000 in assistance is provided to reduce the principal balance of the first mortgage and bring the loan-to-value to no less than 100 percent.
The home must be the primary residence and the homeowner’s income has to fall below 140 percent of the area median income, adjusted for household size. In St. Johns, Clay and Duval counties, that would be $88,480 for a family of four.
Since the beginning of the program, the St. Johns Housing Partnership has helped homeowners pay more than $3 million to mortgage companies in order to bring down homeowners’ principal balances.
Call (904) 819-1266 for information.
Lennar announced a new and improved Everything’s Included program, which is featured in several new communities in Northeast Florida.
It includes several popular features, which are typically add-ons or extras, in the base price of a Lennar Home. Those features include granite countertops, tile floors and stainless steel appliances. New upgrades added to the program include crown molding, recessed lighting, paver walkways and driveways, and 42-inch upper cabinets.
The program is available in the following communities: Bainebridge Estates, Palencia, Mill Creek at Kendall Town, Yellow Bluff Landing, Oakridge Landing and Longleaf.
For information, call (904) 380-0774 or visit LennarJacksonville.com.
Cottage Home completes Palencia model
The Cottage Home Co. has completed construction of a new model home, the Madison, in the Reserve II neighborhood of the master-planned community of Palencia.
The base price of the 4,187-square-foot, 4-bedroom, 4?-bathroom home is $573,000.
The two-story design has a second-floor balcony off an upstairs game room. The home is built with a cement siding exterior with metal accents. It features a large front porch, gas lanterns and a three-car garage and is situated on a wooded estate lot.
To learn more about Palencia or The Cottage Home Co., visit vivapalencia.com or call (904) 810-0500.
• ICI Homes of Tamaya announced its sales team — Tira Kindler, Emily Thompson and Cindy Voyles. Kindler joined the team from general real estate sales at Keller Williams, Thompson has been employed by ICI Homes since 2010, selling in the Palermo community, and Voyles began with ICI Homes more than 16 years ago and has worked in various ICI communities.
• The First Coast Apartment Association has named Kathy DeShazer director of education and membership. DeShazer, who lives in St. Augustine, was formerly the director of membership for the Indiana Apartment Association and has a background in training, property management and marketing.
• Gordon’s Castle LLC, a Jacksonville-based general contractor and construction management firm specializing in commercial renovation and adaptive re-use projects, announced Jesse DeClue has joined the company as project manager.
DeClue was an assistant project manager at The Haskell Company for six years and graduated from Georgia Southern University in 2007 with a Bachelor of Science in Construction Management.