Sunshine State Will Get More Federal Help For Foreclosure Problem Than Any Other State

Posted in Foreclosure, November 11th, 2008 |

It is hoped that federal money rushing to the rescue of foreclosure-plagued Florida will be of help. Florida is one of the top states affected by the foreclosure crisis. This has made the federal government focus its attention on it. Florida, the Sunshine State will get more federal help than any other state in America.

The foreclosure mess is evident everywhere – untended backyards and gardens with tall grass, piles of rubbish and broken down fences. This is especially so in South Florida. The vacant derelict foreclosed houses bring down the property value of the adjoining houses and this has a snowballing effect affecting the entire state.

But help will soon be rolling in. South Florida will be getting $140 million for assisting the counties and cities plagued by foreclosures. The houses will be bought, repaired and resold as affordable units. Neighborhood Stabilization Program that is being run by HUD right across USA is releasing the funds. Right now the details are being finalized. The cities will identify those houses that have been foreclosed before going on to purchase, repair and then sell them to suitable qualified buyers.

Marty Larsen who is involved in this redevelopment work said, “This is to get rid of vacant foreclosed properties, restore neighborhoods. From that standpoint – long term – it’s gonna have a great benefit to the local municipalities.” He was speaking to reporter Carey Codd of CBS4. Carey was recalling his experiences of coming across houses where appliances had been ripped off, trash dumped everywhere, stagnant stinking pools and homes that had developed structural problems. He explained that the federal funds would be utilized to appoint workers to fix the problems and make the houses habitable.

Larsen categorically stated that although the funds would not solve the crisis it would help the help to clear up the foreclosure mess. Nobody wanted vacant properties lying around for quite some time. He said, “It’s not good, it’s counterproductive to market values; it’s counterproductive to everything we want to do in having good, safe quality neighborhoods.”

David Rosa of Miramar is one of the suffering many. He has two abandoned houses near his residence. He feels that if these two could be repaired and sold the complexion of the entire neighbourhood would change.

The federal money should be coming in by the middle of January.