Over $208M to help Florida Neighborhoods…how much is yours getting?

In Buyers, Distressed Sales, florida, Florida Legislature, foreclosure, government, Grants, Home Buyer, home sellers, homeowner, HUD, Investing, Market Report, miami, miami beach, modification, mortgage, real estate, Sellers, Short Sales, Treasury on September 10, 2010 at 3:39 pm

Obama administration: $208.4M to stabilize Fla. neighborhoods

TAMPA, Fla. – Sept. 10, 2010 – The U.S. Department of Housing and Urban Development (HUD) awarded an additional $208,437,144 in funding to Florida communities struggling to reverse the effects of the foreclosure crisis, the third round of funding through HUD’s Neighborhood Stabilization Program (NSP).

To kick off the Florida funding – part of a $1 billion package for all states – HUD Deputy Secretary Ron Sims joined Congresswoman Kathy Castor yesterday in Tampa, which will receive $4.7 million for local foreclosure efforts.

“We want to make certain that we target these funds to those places with especially high foreclosure activity so we can help turn the tide in our battle against abandonment and blight,” said Sims. “As a direct result of the leadership provided by Senator Chris Dodd and Congressman Barney Frank, who played key roles in winning approval for these funds, we will be able to make investments that will reduce blight, bolster neighboring home values, create jobs, and produce affordable housing.”

The funding is provided under the Dodd-Frank Wall Street Reform and Consumer Protection Act. To date, there have been two other rounds of NSP funding: the Housing and Economic Recovery Act of 2008 (HERA) provided $3.92 billion, and the American Recovery and Reinvestment Act of 2009 (Recovery Act) appropriated an additional $2 billion. Like those earlier rounds of NSP grants, the new targeted funds will be used to purchase foreclosed homes at a discount and to rehabilitate or redevelop them.

State and local governments can use the grants to acquire land and property; to demolish or rehabilitate abandoned properties; and/or to offer downpayment and closing cost assistance to low- to moderate-income homebuyers (household incomes not exceeding 120 percent of area median income).

In addition, they can create “land banks” to assemble, temporarily manage, and dispose of vacant land for the purpose of stabilizing neighborhoods and encouraging re-use or redevelopment of urban property. HUD will issue an NSP3 guidance notice in the next few weeks to assist grantees in designing their programs and applying for funds.

In addition to the third round of NSP funding, the Dodd-Frank Wall Street Reform and Consumer Protection Act creates a $1 billion Emergency Homeowners Loan Program to be administered by HUD. The program will provide up to 24 months of mortgage assistance to homeowners who are at risk of foreclosure and have experienced a substantial reduction in income due to involuntary unemployment, underemployment or a medical condition. HUD will announce additional details, including the targeted areas and other program specifics when the program is officially launched in the coming weeks.

In the third round of grants, the following cities and county governments will receive:

Boynton Beach – $1,168,808
Brevard County – $3,032,850
Broward County – $5,457,553
Cape Coral – $3,048,214
Charlotte County – $2,022,962
Citrus County – $1,005,084
Clearwater – $1,385,801
Collier County – $3,884,165
Coral Springs – $1,657,845
Davie – $1,171,166
Daytona Beach – $1,127,616
Deerfield Beach – $1,183,897
Deltona – $1,964,066
Escambia County – $1,210,487
Fort Lauderdale – $2,145,921
Fort Myers – $1,539,941
Hernando County – $1,953,975
Hialeah – $2,198,194
Hillsborough County – $8,083,062
Hollywood – $2,433,001
Indian River County – $1,500,428
Jacksonville-Duval County – $7,102,937
Kissimmee – $1,042,299
Lake County – $3,199,585
Lakeland – $1,303,139
Lauderhill – $1,500,609
Lee County – $6,639,174
Manatee County – $3,321,893
Margate – $1,148,877
Marion County – $4,589,714
Martin County – $1,563,770
Melbourne – $1,257,986
Miami – $4,558,939

Miami Beach – $1,475,088

Miami Gardens City – $1,940,337
Miami-Dade County – $20,036,303
Miramar – $2,321,827
North Miami – $1,173,374
Orange County – $11,551,158
Orlando – $3,095,137
Osceola County – $3,239,646
Palm Bay – $1,764,032
Palm Beach County – $11,264,172
Palm Coast City – $1,375,071
Pasco County – $5,185,778
Pembroke Pines – $2,330,542
Pinellas County – $4,697,519
Plantation – $1,216,427
Polk County – $5,443,116
Pompano Beach – $1,500,572
Port St. Lucie – $3,515,509
Sanford – $1,037,697
Sarasota – $1,037,697
Sarasota County – $3,949,541
Seminole County – $3,995,178
St. Petersburg – $3,709,133
St. Lucie County – $1,947,657
Sunrise – $1,775,162
Tamarac – $1,427,857
Tampa – $4,691,857
Titusville – $1,005,731
Volusia County – $3,670,516
West Palm Beach – $2,147,327

Florida total: $208,437,144

Reprinted by Permission: © 2010 Florida Realtors®


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