$160+ million in grant funds to buy foreclosures in South Florida
Last week, Congressman Ron Klein (FL-22) announced a major federal investment in the hard-hit South Florida housing market. Over $160,000,000 in new grants will now be available to help purchase and redevelop foreclosed and abandoned homes in our community.
“This is a tangible, serious investment on a massive scale,” Klein said. “These finds are dedicated to buying up foreclosed properties in South Florida and redeveloping them in order to turn our housing market around. In our area, real estate is such an essential part of our economy, this investment will have a positive impact far beyond the housing market.”
The South Florida investment will come from $2 billion in Recovery Act stimulus funding to states, local governments and non-profit housing developers announced this morning by U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan. The funding falls under HUD’s Neighborhood Stabilization Program (NSP), which works to spur economic development in hard-hit communities and create jobs. Of the total $2 billion available, Florida received $348,311,034 – the most of any state in the country.
“When we talk about revitalized foreclosed homes, we’re talking about one thing: jobs,” Klein said. “When a home hasn’t been taken care of for months or years, we will need an army of plumbers, painters, roofers and more working to get that home into shape before it is sold. The home will need new windows, new lights, and new appliances, all of which will be bought at local stores, pumping money into our South Florida economy.”
“Secretary Donovan and HUD have clearly recognized that Florida is one of the states hardest-hit by the foreclosure crisis. In South Florida, there are too many foreclosed properties that are just sitting empty, driving down property values on streets and in neighborhoods. Through this new investment of Recovery Act dollars, these foreclosed properties will be revitalized and resold to families eager to move into the home, take good care of it, and pay the property taxes that are so essential to supporting our local governments and the services they provide. This starts a new, healthy cycle of real estate sales and may be just the jolt we need to reduce the number of foreclosures and turn the tide towards economic recovery in South Florida.”
Local grants break down as follows:
Lake Worth Community Redevelopment Agency: $23.2 million
Neighborhood Housing Services of South Florida, Inc. (Fort Lauderdale): $89.3 million
Palm Beach County: $50 million
South Florida Total: $162.5 million
Related posts:
- Davie Receives Additional Funds to Purchase Foreclosures
- Coral Springs still has funds to assist low to moderate income persons purchase and rehab a foreclosure
- Broward working to receive more neighborhood stabilization funds
- Broward gets $27 Million for neighborhoods Hard-hit by Foreclosure
- $15 million in stimulus funds go to NSU for Coral Reef Ecoscience facility
Short URL: http://browardnetonline.com/?p=5964
Posted by Andrea Freygang
on Jan 18 2010. Filed under Broward County, Federal Government, Fort Lauderdale, Local news, Money, Real Estate.
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