Florida will get more federal money than any other state to buy up abandoned, foreclosed homes as part of the Bush administration's foreclosure relief plan developed this year.
The U.S. Housing and Urban Development department today said Florida is getting $541.4 million - part of a $3.92 billion payout to states and local municipalities with neighborhoods particularly hard-hit by foreclosures. The money will be used to acquire and redevelop foreclosed properties so they don't contribute to blight.
"To those areas trying to recover from the effects of foreclosure and declining property values, help is on the way," HUD Secretary Steve Preston said. "Clearly, the intent is to put this money to work in communities with the highest need and to have a meaningful impact."
State and local governments can use their neighborhood stabilization grants to buy homes at a discount to demolish or rehabilitate abandoned properties and to offer down payment assistance to low- to moderate-income homebuyers.
Here's a look at how local areas fared:
Tampa: $13.6 million.
Hillsborough County: $19.1 million
Pinellas County: $8 million
St. Petersburg: $9.4 million
Polk County: $14.5 million
Lakeland: $2 million
Governments have until Dec. 1 to submit plans to HUD detailing how they would spend the money. The money should arrive early next year.
HUD plans to host a national housing summit Oct. 7 and 8 in Washington, D.C., as well as a series of regional conferences to explain the details of the new program to governors, mayors, county executives and other state and local leaders.
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