TBO.com - TBO is Tampa Bay Online

Hillsborough Seeks Spending Input For Foreclosure Grant

ADVERTISEMENT

By MIKE SALINERO | The Tampa Tribune

Published: October 31, 2008

TAMPA - Hillsborough County Commissioners will take public comments Thursday on how to spend a $19.1 million federal grant to buy and redevelop foreclosed properties.

The money comes to the county through the Neighborhood Stabilization Program, part of a broader housing recovery act passed by Congress earlier this year to deal with skyrocketing numbers of foreclosures. Florida is fourth in the nation in the number of foreclosures since last year.

The U.S. Department of Housing and Urban Development issued broad guidelines on what local governments are to spend the money on, including buying and rehabilitating or selling abandoned and foreclosed homes. Grantees must use 25 percent of the funds for purchase and redevelopment of homes for individuals whose incomes do not exceed 50 percent of the area median income. All funds must benefit low- to moderate-income people with incomes not exceeding 120 percent of the area median income.

The county must decide how to spend the money by Dec. 1.

Reporter Mike Salinero can be reached at (813) 259-8303.

Share this:

Loading Comments...

Email Print

ADVERTISEMENT