Sept. 29, 2008 – The state of Florida will receive $541 million in new federal foreclosure funds to prevent further home loan defaults and combat the effects of blight caused by the growing tide of abandoned properties, U.S. Housing and Urban Development Secretary Steve Preston announced Friday. Team Sumberg is involved in local affordable housing here in the Tampa Bay area. Please contact us if you would like more details or help with Down Payment Assistance programs. info@TeamSumberg.com
State and local governments must use the funds, called community development block grants, to buy property, rehabilitate abandoned homes and offer down payment assistance to low-to-middle-income home buyers. The money may also be used to create so-called land banks to acquire, manage and sell distressed property.
