The Real Deal Miami

Fed funds to stave off Palm Beach County foreclosures

October 15, 2008 10:02AM

Palm Beach County will get $27.7 million of the $4 billion in federal government funds being allocated to state and local governments to help them buy and rehabilitate homes that were foreclosed on or abandoned during the real estate crash. The Department of Housing and Urban Development grants are intended to help revive local real estate markets by making abandoned and neglected properties more appealing. In total, the government plans to distribute $541 million to the state with the third-worst foreclosure rate in the nation.