On Wednesday, the Hernando Today ran an ad on the front page of their paper which was titled "Civic activist eyes county's housing crisis". This ad was to promote an affordable housing initiative developed by Blaise Ingoglia, CEO of Hartland Homes to place people in his homes, without imposing income restrictions. The ad states that people with credit scores as low as 550 are eligible for his program and is designed to cut new homeowners' monthly mortgage payments up to 40 percent. According to this ad, Hartland Homes will build new homes at or below builder's cost, with the balance of the contract being recorded as a second mortgage This second mortgage will not require any payment for 10 years, or until the home is sold, whichever comes first.
This ad had plenty of information on Mr. Ingoglia's initiative but did not list some pertinent information in his sales pitch for the local consumer. Besides being the CEO of Hartland Homes, Mr. Ingoglia is also a corporate officer of a title company and a mortgage company. Arriviste Title Group, Inc. is listed in the Florida Division of Corporations, with Mr. Blaise Ingoglia holding the title of director. He is also listed as a corporate officer of American One Home Loans.
A website for Mr. Ingoglia's program was listed at the end of the ad which included models and general locations around the county where this affordable housing could be located for the consumer. Those needing more detailed information about the land holdings of Hartland Homes can look on the Hernando County Property Appraiser's website.
Commissioner Rocco was quoted in this ad as saying, "In the past, creative financing plans sometimes didn't work out to the best advantage of the potential homeowner which were very wise words indeed, in light of the news from HUD officials today stating they are looking at more than one million foreclosures on home loans across the country. Ms. Rocco has real concerns about how these mortgages would be structured by Mr. Ingoglia and she questioned the protection for the consumer and if there was any back loading that would not be fully understood by the buyer. These concerns of Commissioner Rocco ring true with the news today that Florida ranked among the top states in the nation in terms of foreclosure in the third quarter, after jumping more than 50 percent from the previous quarter.
***All SHIP funding for down payment assistance, referenced in this ad, has already been allocated for this fiscal year.
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