U.S. Federal Funds to Help Repair Florida’s Foreclosed Properties

11 November 2008

Author: admin Posted under Foreclosure Crisis

The U.S. Housing and Urban Development (HUD) will provide over $140 million in federal funds, under the Neighborhood Stabilization program, to help repair foreclosed homes in South Florida cities and counties. The program aims to repair neglected real properties which contributed to the decline of home market prices and the state’s economy.

South Florida cities and counties are finalizing plans on how best to spend over $140 million federal funds to alleviate the area’s housing market crisis. Local governments are expected to identify and buy and repair neglected homes and award grants to qualified first-time home buyers.

Marty Larsen, who helps in the redevelopment of several cities in South Florida, explains to Carey Codd, a CBS4 reporter, that the federal funds will be used to eliminate vacant homes that have been foreclosed and improve living conditions in neighborhoods. He believes that in the long run, the HUD housing aid program will benefit South Florida’s local municipalities.

Larsen observes that several properties that have been vacant showed damaged appliances, uncollected trash, stagnant water in pools, structural problems, uncut grass and broken fences. He explains that construction workers will be hired to repair homes to attract potential homebuyers.

Although he believes that federal funds will not solve the current market problems, he hopes that the funding program will make a difference in reducing the number of vacant properties to improve market values and create environmentally-friendly homes.

Larsen elaborates that vacant properties are not good to the property market and to Florida’s goal of alleviating the crisis and having safe neighborhoods.

Meanwhile, David Rosa, a resident of Miramar, Florida, claims that there are two abandoned houses near where he lives. He believes that if these foreclosed homes can be repaired and sold, it would significantly improve the neighbourhood and increase property market values.

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