Hot Plans Are Afoot to Solve Foreclosure Problem in South Florida

Hot plans are afoot to solve the foreclosure problem in South Florida. The authorities in Broward and Palm Beach counties have been awarded $104 million to tackle the menace of vacant foreclosed houses and find new owners.

The scenario in South Florida is grim – many are forfeiting their houses to foreclosure and do not have the funds to buy a new house But with the way things are moving some like Katie Cole are beginning to nurse hopes that they can once more become house owners.

A single mother managing three children last January she was lucky to get a job screening passengers at the international airport nearby. This steady job makes here eligible under the affordable housing plan. On the very month of getting her job she has applied for assistance.

The residents in South Florida are applying for assistance from various plans that have been floated by the federal government. The aim is to help the states and the cities to buy vacant foreclosed house, repair them and then either sell or rent them out to proper candidates. For this $104 million has been given to the authorities in Broward and Palm Beach counties. With value of property plummeting and the region being dotted with vacant houses the situation has lately been getting from bad to worse. The plan hopes to once more people the area and make the units productive and tax producing.

The measure will be benefiting those with low to middle income. The authorities have to disburse the funds within 18 months of receipt of the same and to complete the programme within a span of four years. There is no dearth of eager buyers applying for the scheme.

In 2008 there were 47,387 foreclosure postings in Broward County. This was 128% spike from the previous year when the figure noted was 20,805. Palm Beach County noted 23,399 foreclosures in 2008 marking an increase of 97% from 11,904 foreclosures noted in 2007.

Since the start of the programme residents have been flocking to Coral Springs, Miramar, Tamarac and Sunrise to avail of the scheme. This year there have been hundreds of applications. No more are now being accepted. The latest counties that have started people to apply are Pembroke Pines and Boynton Beach.

The conditions the buyers are those whose earnings are not more than 120% of the median income of the county. Some units will be reserved for those whose earnings are very low.