HUD Sends More Funds to Florida to Fight Foreclosures
The U.S. Department of Housing and Urban Development (HUD) has sent another $208 million to Florida as part of a third round of funding for its Neighborhood Stabilization Program (NSP) to help city and county officials purchase and renovate abandoned houses and offer financial assistance to low and middle income homebuyers.
Florida has received more HUD NSP funds than any other state. The latest round of funding includes $11.5 million for Orange County, $7.1 million for Duval County, $4 million for Seminole and $3 million each for Brevard, Lake and Osceola counties and the city of Orlando.
HUD said the funds are targeted to communities with high foreclosure activity to combat abandonment and blight in those communities. The funding was made available through the Dodd-Frank Wall Street Reform and Consumer Protection Act that was passed by Congress and signed into law by President Obama earlier this summer.
State and local governments can use NSP funds to acquire land and property, demolish or rehabilitate abandoned properties. NSP funds can also be used to provide down payment and closing cost assistance to low- to moderate-income homebuyers.
In addition, cities and counties can use NSP funds to 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.
Greg Gilbert
Keith Maynard
