The Real Deal Miami

SF’s foreclosure-buying program still trucking despite scandals

October 20, 2010 04:00PM

South Florida’s Neighborhood Stabilization Program, which taps a fund of more than $250 million in federal money to help local governments buy and resell foreclosure properties to middle-income buyers, hasn’t yet been derailed in the wake of the foreclosure paperwork scandal and subsequent moratoriums, but it could be if the problem persists. A Miami single-family home became the program’s first to resell yesterday, to lottery winner Tiffany Williams, but that success came after another potential sale was foiled by the lender’s discovery of the wrong address on the REO filing. So far, the city has used its first $12 million grant to purchase 10 homes and demolish several others. [Miami Herald]