Gov. Crist hails federal release of $91 million in housing funds
Gov. Charlie Crist today, announced that the Department of Community Affairs has received approval from the U.S. Department of Housing and Urban Development to release more than $91 million to cities and counties across the state to help Floridians in the housing foreclosure crisis.
“The foreclosure crisis has affected communities statewide from Key West to Pensacola, and I am thankful the U.S. Department of Housing and Urban Development is authorizing the release of the funds,” said Crist in a prepared statement. “This money, along with the federal funds being distributed directly to additional communities, will provide help across the entire state.”
The Housing and Economic Recovery Act of 2008, which addressed the severe housing foreclosure crisis, appropriated $541 million to the State of Florida for communities to purchase and redevelop abandoned or foreclosed properties. The communities identified were those with the greatest needs based on the extent of foreclosures, subprime mortgages and mortgage delinquencies and defaults. Approximately $450 million is being allocated directly from the federal government to 48 local governments in Florida, with another $91 million awarded to DCA to be distributed to an additional 26 local governments. Grantees have 18 months to obligate these funds, and four years to spend them.
The funds are being distributed as part of the Neighborhood Stabilization Program under the agency’s Community Development Block Grant Program. The NSP provides state and local governments with a source of funding to help them respond to rising foreclosures and declining property values.
“Our team has been working diligently on developing the state’s distribution plan and ensuring those communities in the most desperate need receive help,” said Department of Community Affairs Secretary Tom Pelham. “We look forward to working with local governments statewide in putting these funds to work.”
For additional information on the Neighborhood Stabilization Program, visit www.floridacommunitydevelopment.org. And for more information on the Department of Community Affairs, please visit: www.dca.state.fl.us