The Real Deal Miami

Miami City Commission tackles foreclosures

November 21, 2008 02:00PM

City commissioners approved a $500,000 foreclosure program yesterday that will fund loans of up to $7,500 to help save residents’ at-risk homes. It will be directed at homes valued at $300,000 or less. Applicants must have an income that is less than 80 percent of the city median level, about $56,966. Commissioner Tomas Regalado said the city hopes to help as many as 100 homeowners.