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South Florida

Florida to receive $541M in foreclosure funds

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Florida will receive $541 million worth of federal community block development grants, U.S. Housing and Urban Development Secretary Steve Preston announced today. The state and local governments must use the money to purchase property, offer down payment assistance to low- and middle-income buyers, rehabilitate homes, and create “land banks” to deal with distressed property. The funds will come from a housing and economic package that President George Bush approved in July.