The Real Deal Miami

Federal money aids Deerfield Beach foreclosure buys

February 02, 2009 01:07PM

Some of the 1,193 foreclosed, auctioned or vacant homes in Deerfield Beach may be purchased by the city with $2 million in federal funds meant to help struggling communities. Deerfield Beach can use the money through its Community Development Block Grant program to do two things: help struggling neighborhoods with gentle face-lifts on decaying homes and help low-income residents get homes. The city has only 18 months to spend the money, and will have to either demolish these properties or renovate and sell them to low- and median-income buyers. Critics said the timeline could mean that contractors are the prime beneficiaries of federal money.