~ DCA’s 24 funded local governments have obligated 100 percent of their funds to help combat the foreclosure crisis in their areas ~
TALLAHASSEE – The Department of Community Affairs (DCA) today announced that the 24 local governments that received funding from the Department have obligated 100 percent of their Neighborhood Stabilization Program (NSP) funding. This represents $91 million that has been obligated to help these cities and counties combat the foreclosure crisis in their communities.
“I commend our 24 local government partners in focusing their efforts on obligating this critically important funding,” said DCA Secretary Tom Pelham. “The foreclosure crisis has hit our state hard, and these funds will go a long way towards helping to revitalize local communities.”
DCA received a total of $91 million from the U.S. Department of Housing and Urban Development to distribute to 24 cities and counties statewide to help combat the housing foreclosure crisis by purchasing and redeveloping abandoned or foreclosed properties. The communities received funding based on the extent of foreclosures, subprime mortgages and mortgage delinquencies and defaults. Even though all the funds have been obligated, work still remains before the local governments complete all of their projects and the benefits are fully realized.
The 24 local governments are:
Alachua County Davie Martin County Palm Coast
Bay County Daytona Beach Melbourne Santa Rosa County
Bradenton Delray Beach Miami Beach St. Lucie County
Charlotte County Fort Pierce Ocala St. Johns County
Citrus County Hernando County Okaloosa County Tallahassee
Clay County Indian River County Osceola County Titusville
DCA’s local government recipients were creative in the ways they obligated their funding amounts including renovating foreclosed multi-family housing projects, completing construction of apartment complexes that had been abandoned due to foreclosure, rehabbing single-family homes, and providing homebuyer assistance to low-income residents, including counseling and down payment assistance.
The funds are being distributed as part of the Neighborhood Stabilization Program under the agency’s Community Development Block Grant Program to help local governments respond to rising foreclosures and declining property values.
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.Tweet