The U.S. Housing and Urban Development Secretary announced Friday that Florida will receive $541 million in new federal foreclosure funds to help prevent further home defaults and fight the effects of blighted areas with abandoned homes.  The funds are not for those already facing foreclosure.  The local government is required to use the funds to buy abandoned properties, rehabilitate them and offer down payment assistance to low to middle income buyers. 

The grant is part of President Bush's attempt to help the distressed housing market by offering first time homebuyers a $7500 tax credit, foreclosure prevention counseling and up to $300 billion for refinance options.  Miami is poised to get the lion share, $62 million, because they have been the hardest hit area.  Florida had the highest foreclosures in the U.S. as of June 30th with 6 percent of properties in foreclosure, which represents approximately 200,000 properties.  

If you are first time homebuyer, now is the time to buy!!!  Take advantage of the deals that are currently on the market as well as the $7500 tax credit that will expire in July of 2009.

For more information, please contact me at info@buytampafl.com

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