Florida’s foreclosure prevention program shifts tactics

Miami /
Apr.April 06, 2015 11:15 AM

Florida’s $1 billion foreclosure prevention program, which has historically helped homeowners fight off bank repossessions with mortgage assistance, might start pitching in for first-time homebuyers’ down payments.

The proposal would earmark $50 million for down payments from the federal Hardest Hit Fund, which was created with taxpayer money, a publication reported.

The program has until 2017 to use up all of its funds. Florida Housing Finance Corp., which oversees the program, has already committed $573.5 million of the $1 billion, and hopes that the Treasury will be more open to the proposal this time around.

A similar plan was rejected by the U.S. Department of Treasury when the program was first created in 2010, the Palm Beach Post reported.

If approved, Florida would reportedly be the first state to use the program’s funds to help purchase homes, instead of just help keep them.

To qualify, the buyer must be purchasing the home as their primary residence and meet minimum credit scores. First-time homebuyers are defined by the program as people who have not owned a home and lived in it as their primary residence for the last three years, the newspaper reported.

Those who qualify would receive a $15,000 no-interest loan forgivable over five years. [Palm Beach Post]Sean Stewart-Muniz


Related Articles

arrow_forward_ios
Renderings of new Miami Collective site with Gamma Real Estate’s Jonathan Kalikow (The Collective, Gamma Real Estate)
Lender takes control of The Collective’s Wynwood dev site through foreclosure auction
Lender takes control of The Collective’s Wynwood dev site through foreclosure auction
The Collective's Reza Merchant and renderings of new Miami location (The Collective, LinkedIn)
Collective undone: Lender targets planned co-living site in Wynwood
Collective undone: Lender targets planned co-living site in Wynwood
Vivian Dimond with 230 Lincoln Road (iStock)
Vivian Dimond, partners acquire Ross-anchored building on Lincoln Road from lender
Vivian Dimond, partners acquire Ross-anchored building on Lincoln Road from lender
Raz Ofer with 1568 Drexel Avenue (Dade County, Google Maps)
Miami Beach apartments mired in ownership dispute slapped with $1M foreclosure
Miami Beach apartments mired in ownership dispute slapped with $1M foreclosure
(Apartments.com, iStock/Illustration by Steven Dilakian for The Real Deal)
Little Havana apartment building targeted in $15M mortgage foreclosure suit
Little Havana apartment building targeted in $15M mortgage foreclosure suit
Daisy Chaplin and Charles Prince with the property at 6000 North Bay Road (Getty, Google Maps)
Late Broadway legend Harold Prince’s children settle dispute over family’s North Bay Road mansion
Late Broadway legend Harold Prince’s children settle dispute over family’s North Bay Road mansion
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
The Variety Hotel (Getty)
Lender acquires Variety Hotel in Miami Beach following foreclosure suit
Lender acquires Variety Hotel in Miami Beach following foreclosure suit
arrow_forward_ios

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

Loading...