GOVERNOR CRIST WELCOMES FEDERAL NEIGHBORHOOD STABILIZATION FUNDS AS A BOOST TO FLORIDA'S ECONOMY, COMMUNITIES
September 29, 2008
Contact:
GOVERNOR’S PRESS OFFICE
850-488-5394
TALLAHASSEE – Governor Charlie Crist today announced $541 million in federal funds coming to Florida will be a welcome boost to Florida’s economy and to Florida communities hardest hit by the national housing crisis. These targeted funds will be used within local communities to purchase foreclosed homes at a discount and to rehabilitate or redevelop them in order to respond to rising foreclosures and falling home values.
“Florida has felt the sting of our nation’s housing market challenges, and these funds will provide a welcome boost to our state’s economy by helping Florida families stay in their homes,” Governor Crist said. “I applaud our Congressional delegation for their efforts in securing federal support that will go a long way toward revitalizing local communities and stabilizing our housing market.”
The Department of Housing and Urban Development recently announced that targeted Florida cities and counties would receive the Community Development Block Grant (CDBG) funds as dictated under the Housing and Economic Recovery Act of 2008 passed by Congress earlier this year. The CDBG Program in Florida is administered by the Florida Department of Community Affairs, Division of Housing and Community Development.
Earlier this year, Governor Crist established the Florida HOPE Task Force by Executive Order 08-27. The task force gathered perspectives from experts in the mortgage and banking industries, as well as consumer advocates and policy experts, in developing an action plan to address Florida’s escalating foreclosure rate and its impact on Florida’s economy.
Recommendations made by the Florida HOPE Task Force include encouraging loan services and investors to pursue all workout options and dedicate resources to foreclosure prevention; establishing the Home Ownership Preservation Center Web site to provide a centralized location for distribution of foreclosure prevention information; encouraging the creation of programs in schools to increase financial literacy; and requiring mortgage lenders to disclose when borrowers may qualify for a mortgage other than subprime, high-cost or non-traditional loans.
About HUD’s Neighborhood Stabilization Program
HUD’s Neighborhood Stabilization Program will provide emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. The Neighborhood Stabilization Program (NSP) provides grants to every state and certain local communities to purchase foreclosed or abandoned homes and to rehabilitate, resell, or redevelop these homes to stabilize neighborhoods and stem the decline of house values.
State and local governments can use their neighborhood stabilization grants to acquire land and property; to demolish or rehabilitate abandoned properties; and/or to offer down payment and closing cost assistance to low- to moderate-income homebuyers (household incomes not exceeding 120 percent of area median income). In addition, these grantees 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.
Florida’s Neighborhood Stabilization Program Grant Awards
Grants are targeted to areas based on the number/percent of foreclosures, subprime mortgages and mortgage defaults and delinquencies. The following Florida local governments will receive funds:
Recipient
Amount
Boynton Beach
$2,963,311.39
Brevard County
$5,269,666.83
Broward County
$17,767,588.93
Cape Coral
$7,065,483.92
Collier County
$7,306,755.32
Coral Springs
$3,378,141.82
Deerfield Beach
$2,005,699.10
Deltona
$6,635,908.82
Escambia County
$4,565,917.57
Florida State Program
$91,141,477.58
Ft Lauderdale
$3,700,096.38
Ft Myers
$2,297,318.25
Hialeah
$5,385,046.04
Hillsborough County
$19,132,978.19
Hollywood
$7,534,603.03
Homestead City
$2,887,009.65
Jacksonville-Duval
$26,175,317.48
Kissimmee
$2,371,748.84
Lake County
$3,136,967.20
Lakeland
$2,005,781.01
Lauderhill
$4,293,287.80
Lee County
$18,243,867.46
Manatee County
$5,283,121.89
Margate
$2,106,554.95
Marion County
$6,324,054.65
Miami
$12,063,702.18
Miami Gardens City
$6,866,119.02
Miami-Dade County
$62,207,200.11
Miramar
$9,312,657.81
North Miami
$2,847,088.52
Orange County
$27,901,772.52
Orlando
$6,730,262.69
Palm Bay
$5,208,103.79
Palm Beach County
$27,700,339.55
Pasco County
$19,495,804.66
Pembroke Pines
$4,398,575.04
Pinellas County
$8,063,758.60
Plantation
$2,016,308.73
Polk County
$14,586,258.48
Pompano Beach
$4,366,156.92
Port St. Lucie
$13,523,132.46
Sarasota County
$7,140,861.12
Seminole County
$7,019,513.53
St Petersburg
$9,498,962.31
Sunrise
$3,494,985.59
Tamarac
$4,772,218.49
Tampa
$13,600,915.02
Volusia County
$5,222,831.33
West Palm Beach
$4,349,546.00