Martin County commissioners Tuesday signaled the Florida Department of Community Affairs that they intend to apply for a share of $91 million in federal Neighborhood Stabilization Program money being distributed by the state.

Jeff Oris, Martin County community development director, said the money would buy foreclosed houses from lenders’ inventory and use them for affordable housing and low-income multi-family rental units.

The grant would allow $2.6 million toward the purchase of homes and another $890,000 to purchase multi-family properties for low-income rentals to individuals and families whose incomes do not exceed 50 percent of the area’s median income.

“This neighborhood stabilization program is different than anything we’ve ever seen before,” Oris said.

Designed to lessen the growing foreclosure epidemic’s effects on neighborhoods, the whirlwind program came together fast and has a projected 24-month lifespan, giving local planners about 10 months to accomplish their goals, Oris said.

“It’s not a lot of money, and it’s a short timeline to make it happen. It’s not going to be easy,” he said.

Though procedures are still in flux, Oris envisions the county buying distressed properties from lenders at the required 15 percent below appraised value and then turning to local non-profit groups to render any necessary rehab work and find a buyer meeting affordable housing income requirements.

All money returned to the county from the sale of the property had to be recycled back to the state, Oris said.

“We can’t make any money through this program,” he said,

For rental units, the county will be required to partner with or assign its rights to a non-profit organization with at least five years experience with rental housing.

The project, Oris said, will deal exclusively with the approximately 1,200 Martin Cunty properties that have gone into foreclosure and back to the lender within the last 12 months.

“This is not a program designed to help people keep or stay in their homes,” he said.

The grant application is expected in mid-February and must be completed by early April, Oris said.