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Hialeah Home Foreclosures to Get Share from $89M NSP Funds

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By : John Cutts    99 or more times read
A number of Hialeah home foreclosures will be turned into functional and affordable homes for lower-income renting families in the area with help from a coalition of South Florida housing nonprofits that received a total of $89.375 million from the second funding round of the federal Neighborhood Stabilization Program.

According to Arden Shank, head of coalition leader Neighborhood Housing Services of South Florida, over 1,200 foreclosure houses in battered communities throughout Miami-Dade County, where Hialeah is located, will be rehabilitated. Shank added that housing officials have already identified 73 census areas in the county which have high rates of abandoned foreclosure homes.

Compared to other Florida counties, Miami-Dade received the highest amount from NSP. Broward County, one of the most foreclosure-battered counties in Florida, did not receive any amount.

Hialeah is also expected to benefit from the grant money allocated by President Barack Obama to Florida and four other foreclosure-hit states when he traveled to Las Vegas to hold a town meeting. Obama explained that the $1.5 billion he provided to these states would be used to help underwater and unemployed homeowners with mortgages.

Hialeah home foreclosures still comprise a big portion of the city’s housing market. As reported by an online real estate firm, almost 5,000 homes and condo units or 62 percent of all residential units for sale in the city are foreclosed for sale.

Over the past months, condo complexes and other multifamily properties in Hialeah have also been going into foreclosure. One of these was the 180-unit six-story multifamily Case Bella Condo building, which was foreclosed upon by Ocean Bank due to an unpaid loan amount of $18 million.

The development firm, 4400 LLC, purchased the buildings in 1979 for $23.5 million, with a $23.2 million loan from Ocean Bank. Only 52 units, however, were sold by the bank. The remaining units – a total of 128 units – will be offered through a public sale in March in the Miami-Dade County courthouse.

In the Miami metro area, almost 173,000 residential units were notified of foreclosure or delinquency in 2009, marking a 44-percent jump from foreclosure activity in 2008, higher than the statewide increase during the same period.

The pace of home foreclosures in Florida rose by 34 percent to nearly 517,000 foreclosure postings during the same year, a big portion of which were Hialeah home foreclosures and distressed properties in other cities of Miami-Dade County.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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