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Florida will get almost $300 million that could fund affordable housing

Florida stands to get $288.8 million in federal funds to purchase, manage and resell foreclosed and abandoned properties from the Housing and Economic Recovery Act of 2008, H.R. 3221, which Congress passed last week.

There's a lot more to the bill than preventing foreclosures on owner-occupied homes, but that's the part you've heard about. Another important piece of the bill increases funding available to states and localities for affordable rental housing.

At the end of 2007, Florida had about 135,832 properties in foreclosure. The negative effect of these foreclosures can be felt up to a half a mile away and can
depress property values for as long as five years.

Florida's share of the money will be used to restore 8,669 properties to productive use, providing affordable housing. Rehabilitating those houses is anticipated to generate 5,813 new jobs, mostly in construction but also in retail, business services and restaurants.

Read the Florida fact sheet here (from Save America's Neighborhoods).

Full post as published by the 13th juror on August 03, 2008 (boomark / email).