We are finally begining to see some of the money spread around across the state of Florida, as the government has begun delegating the funds that have been made available to save many homeowners from foreclosure.
The city of Plantation has received $2 million to purchase what they can of the 280 foreclosed properties in the city. The money is coming in the form of a federal grant, as a result of the Housing and Economic Recovery Act that was passed by Congress this past July. But owning a home in Plantation that is undergoing foreclosure does not guarantee that you will receive assistance, as with the $2 million there is clearly not enough to spread around to the vast number of homes.
The city, as with other areas across the nation, will be very select and strict with their qualification process. Required by federal regulations, 25% must be used only for very low income housing, 65% on low to moderate, and 10% is allowed to be allocated to administrative costs.
For those familiar with Plantation real estate, the prices for most homes in the area are far too high to be eligible for assistance. With that said, the city will be focusing mainly on condos in the area, which actually represent about 2/3 of properties in Plantation undergoin foreclosure.
Once the city’s plan has been approved for use of their funds, they will have 18 months to use up the funds from the grant. With the next few months the city will have their proposition and plan passed through to be approved, after which more information will come available for homeowners to find out more about qualifying.
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