The Real Deal Miami

How to spend $1.5 billion in six weeks to fix housing problems

March 15, 2010 09:19AM

Florida and four other states, all crippled by mounting foreclosures,
are on a tight deadline to spend U.S. Treasury funds to rescue
homeowners. Under the federal plan, the states have six weeks to
propose their plans for spending a total of $1.5 billion on fixing
housing problems. Florida has the second-highest allotment of the $1.5
billion, at $418 million. The plan has targeted states hurt most by
falling prices. Another program, the Home Affordable Mortgage Program,
which has tried to help with loan modifications, recently completed its first year. Even those homeowners who have obtained loan modifications, though, have struggled with new problems. [Sun Sentinel]