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Bailout Dollars Hit Florida - Condo Metropolis

  • The U.S. Department of Housing and Urban Development (HUD) has backed releasing $91 million for Florida municipalities to deal with the foreclosure crisis.

    The U.S. Housing and Economic Recovery Act of 2008 awarded the money to the state Department of Community Affairs to be distributed to 26 local municipalities to stabilize neighborhoods. Grantees have 18 months to obligate these funds and four years to spend them.

    The Housing and Economic Recovery Act allocated a total of $541 million to Florida for cities or counties to purchase and redevelop abandoned or foreclosed properties. Of that, $450 million was given directly to 48 local governments in Florida.