The Real Deal Miami

Miami-Dade hoping for more foreclosure relief funding

June 24, 2009 05:09PM

Miami-Dade County is hoping for another $162 million in federal foreclosure relief funding, following the county’s $62 million initial allotment. The Neighborhood Stabilization Program is offering another $1.93 billion in foreclosure aid, and Miami-Dade County hopes to use $162 million of that to issue second mortgages, develop rental buildings on vacant lots and rehabilitate foreclosed homes. But given its history of failing to spend or misspending housing and community development funding, the county has to prove to the federal government that it can manage the Neighborhood Stabilization Program money before it will have a shot at another allocation.