The Real Deal Miami

Florida cities get HUD approval for foreclosure sales

January 16, 2009 12:56PM

The U.S. Department of Housing and Urban Development has approved plans
by 34 Florida communities to buy and redevelop foreclosed properties with $369
million in federal grant money, including Miami-Dade and Broward
counties as well as 10 other cities in South Florida. The funds are
part of a Neighborhood Stabilization Program created under the Housing
and Economic Recovery Act of 2008, which allocated $4 billion to help
offset blight and stabilize property values in neighborhoods where
foreclosure rates have soared.