HUD Archives: News Releases


HUD No. 09-0115
Ms. Jerrie Magruder
(407) 648-6441 ext. 2017
For Release
Thursday
January 15, 2009

HUD APPROVES $369 MILLION IN NEIGHBORHOOD STABILIZATION PLANS FOR 34 FLORIDA COMMUNITIES HARD-HIT BY FORECLOSURE
Funding aimed at neighborhoods facing potential abandonment and blight

ORLANDO, FL - U.S. Housing and Urban Development Secretary Steve Preston today approved plans from 34 Florida communities seeking to recover from the effects of high foreclosures and declining home values(see chart below). Funded under HUD's new Neighborhood Stabilization Program (NSP), these communities will shortly begin to target emergency assistance to particular neighborhoods by acquiring and redeveloping foreclosed properties that might otherwise become sources of abandonment and blight.

"It is critical that we work closely with State and local governments to put this money to work as quickly as possible to help communities recover from the effects of foreclosure and declining property values," said Preston. "Stabilizing neighborhoods is what this program is all about. HUD will continue to work closely with these communities to make certain these funds are targeted to neighborhoods with the greatest needs."

HUD's Neighborhood Stabilization Program was created under the Housing and Economic Recovery Act of 2008 and provides nearly $4 billion to every State and certain local communities experiencing particularly high foreclosure problems and risk of property abandonment. The program permits these State and local governments to purchase foreclosed homes at a discount and to rehabilitate or redevelop them in order to respond to rising foreclosures and falling home 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 downpayment and closing cost assistance to low-
to moderate-income homebuyers (household incomes not exceed 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.

The NSP also seeks to prevent future foreclosures by requiring housing counseling for families receiving homebuyer assistance. In addition, the Agency seeks to protect future homebuyers by requiring States and local grantees to ensure that new homebuyers under this program obtain a mortgage loan from a lender who agrees to comply with sound lending practices.

HUD is approving the plans submitted by the following Florida communities:

Florida Community Grant Amount
BOYNTON BEACH $2,963,311
BREVARD COUNTY $5,269,667
BROWARD COUNTY $17,767,589
CORAL SPRINGS $3,378,142
ESCAMBIA COUNTY $4,565,918
FT LAUDERDALE $3,700,096
HIALEAH $5,385,046
HOLLYWOOD $7,534,603
HOMESTEAD CITY $2,887,010
JACKSONVILLE-DUVAL COUNT $26,175,317
LAKE COUNTY $3,136,967
LAKELAND $2,005,781
LEE COUNTY $18,243,867
MANATEE COUNTY $5,283,122
MARGATE $2,106,555
MARION COUNTY $6,324,055
MIAMI $12,063,702
MIAMI-DADE COUNTY $62,207,200
MIAMI GARDENS CITY $6,866,119
MIRAMAR $9,312,658
ORANGE COUNTY $27,901,773
PALM BAY $5,208,104
PALM BEACH COUNTY $27,700,340
PASCO COUNTY $19,495,805
PEMBROKE PINES $4,398,575
PINELLAS COUNTY $8,063,759
PLANTATION $2,016,309
POLK COUNTY $14,586,258
POMPANO BEACH $4,366,157
PORT ST LUCIE $13,523,132
SEMINOLE COUNTY $7,019,514
ST PETERSBURG $9,498,962
TAMPA $13,600,915
VOLUSIA COUNTY $5,222,831
Total $369,779,159

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HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities;
creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation's fair housing laws. More information about HUD and its programs is available on the
Internet and espanol.hud.gov.

 

 
Content Archived: March 15, 2011