Neighborhood Stabilization grant work unveiled

ORLANDO, Fla. (WOFL FOX 35) - George Montalvo on Monday gave Congresswoman Suzanne Kosmas a tour of his new home. Montalvo hasn't had his own home in more than a decade. 

Thanks to the Neighborhood Stabilization Project , he's closing on this three bedroom two bath house Tuesday. It's a federal grant program handed out through Orange County, giving qualified people who live on a limited income a grant -- up to $35,000 -- to put towards buying and fixing foreclosed property owned by a bank.

"Thirty-five thousand dollars... that helps you do the repairs you need to do on the house, structural, HVAC, electrical plumbing," said Montalvo.

Severe rheumatoid arthritis forced Montalvo to retire early. He's been living with his parents, trying to money to buy his own place, but he never dreamed he would be buying so soon.

"With my income it would have taken five or six years savings and by that time prices would probably have gone up," said Montalvo.

He told Congresswoman Kosmas that he's looking forward to fixing up this yard, painting the house inside and out to transform it into a home he's proud of showing.

Kosmas said that's exactly why the program is there. "We want people to take advantage of this program because its a win win for them, for their neighborhood and for the community in general as far as our ability to diminish foreclosure problems and stabilize the price of real estate," said the congresswoman.

The Orange County Neighborhood Stabilization Project targets five high foreclosure areas of Orlando: Pine Hills, Azalea Park, Union Park, Holden Heights/Oak Ridge and Meadow Woods.  For more information about Orange County projects, visit: http://netapps.ocfl.net/nsp/