Major portion of $300 foreclosure settlement to go toward Florida housing

Miami /
Nov.November 05, 2012 11:00 AM

Florida’s housing market is about to see a substantial hunk of the $300 the state won in a $25 billion nationwide foreclosure settlement, according to the Miami Herald. After months of disagreement, Florida Attorney General Pam Bondi has reached a deal with the legislature that ensures a sizable amount of the money will go to housing-related initiatives.

About $60 million could roll out over the next several weeks for programs like down-payment assistance, legal counseling for struggling homeowners and initiatives to help deal with the backlog of foreclosures in state courts. However, the legislature will not approve specific spending measures for two-thirds of the funds until next year’s legislative session, according to the Herald.

Some $40 million of the funds will be put into the state coffers as a “civil penalty,” in additional to the $33 million that has already gone to the treasury.

“This plan gets much-needed assistance to the homeowners and communities suffering the effects of the foreclosure crisis, and ensures that the settlement funds are spent with the transparency, accountability and flexibility that comes from the legislative process,” Bondi said in a statement. “I thank President-designate Gaetz and Speaker-designate Weatherford for working together with me to implement the mortgage settlement in a way that’s in the best interests of our state.” [Miami Herald]  —Christopher Cameron


Related Articles

arrow_forward_ios
From left: Rockstar Energy's Russell Weiner, Richard Meruelo, and Maria Meruelo along with 5101 Pine Tree Drive in Miami Beach (Getty, Google Maps, Coldwell Banker)
Divorce, foreclosure and an $18M offer: Inside the saga on Pine Tree Drive
Divorce, foreclosure and an $18M offer: Inside the saga on Pine Tree Drive
Metronomic’s Kelly Beam and Ricky Trinidad along with the GroveHaus apartment building at 3265 Bird Avenue (Getty, Metronomic, Google Maps)
Metronomic loses Coconut Grove project in foreclosure sale
Metronomic loses Coconut Grove project in foreclosure sale
Domenic Gatto and the Banyan Cay Resort & Golf Club at 2020 Banyan Way (LinkedIn, Hyatt)
Banyan Cay Resort & Golf Club is headed toward foreclosure sale
Banyan Cay Resort & Golf Club is headed toward foreclosure sale
From left: Joseph Chetrit and Meyer Chetrit with the Tides hotel at 1220 Ocean Drive
Judge approves foreclosure of Chetrit’s Tides hotel in Miami Beach
Judge approves foreclosure of Chetrit’s Tides hotel in Miami Beach
Mallory Kauderer and 5501 Northeast Second Avenue (The Porosoff Group, Twitter, Getty)
Churchill’s Pub in Little Haiti hits market
Churchill’s Pub in Little Haiti hits market
Joseph Chetrit and The Tides South Beach (Getty, The Tides South Beach)
Chetrit’s lender scores victory in South Beach hotel foreclosure
Chetrit’s lender scores victory in South Beach hotel foreclosure
Moto Capital Group's Marcos Lima with 350 Ocean Drive (Loopnet, LinkedIn, Getty)
Toronto firm picks up Ocean Drive hotel for $39M
Toronto firm picks up Ocean Drive hotel for $39M
Metronomic's Kelly Beam with 3265 Bird Avenue (Metronomic Holdings, Google Maps)
Embattled developer’s Coconut Grove rentals head to auction
Embattled developer’s Coconut Grove rentals head to auction
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...