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Government Funds to Buy Florida Foreclosures



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By : Leticia Carvalho    99 or more times read
House value is continuously falling down due to foreclosures and people from several areas are very much affected with the sudden change. In an effort to lower down the percentage of foreclosure filings, a surprisingly large amount of $161 million will be allotted to cities, as well as counties in South Florida.

It will be used in purchasing foreclosed homes, as well as property reselling and making new projects.

Providing a unit for young adults in foster homes will be a plan of Miami Garden. A financial assistance for people who have average income, but are interested to buy a house will hopefully be offered by Miramar.

Hialeah’s plan is to build rental units for only $300 monthly. Miami-Dade, on the other hand, wants to use a certain amount for Scott Carver housing program located in Liberty City.

$3.9 billion is South Florida’s share and was approved by the Congress. $91 million will go to government state. A total of $541 million will be allotted to Florida.

A report made by RealtyTrac stated that foreclosures are increasing. Lenders keep contacting Miami-Dade agencies. $62.2 million will go to county. Robert Cruz, Miami-Dade economist, said that the money is not enough, but may help people in different areas.

POSSIBLE NEW UNITS

$37 million will be used to purchase foreclosed properties though it is not confirmed yet. Housing administrators hope to construct 342 units. Currently, county has 10,000 properties and 71,000 potential buyers are in waiting.

Some money will be used in destroying 80 weak structures, assistance in mortgage and counseling for homeownership.

FORMULA CREATED

The U.S. Department of Housing and Urban Development came up with a formula where Defaults, properties owned by banks and subprime loans are accountable for, as long as they will be able to provide cheaper homes for families with low to average income.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.

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