The Real Deal Miami

Program tempts first-time home buyers

April 09, 2009 10:56AM

The federal neighborhood stabilization program is putting many South Floridians in a position to own their first home. Broward and Palm Beach counties have $104 million in grants dedicated to helping buyers and landlords turn around dilapidated, abandoned and foreclosed properties. Broward, which had the sixth-highest rate of foreclosure nationally, had a 128 percent increase in foreclosures in 2008, according to RealtyTrac. Cities getting federal money need to direct it to low- to moderate-income residents and must start distributing it within 18 months.