Florida will receive the most funding of any state as the Obama Administration announced the awarding of nearly $1 billion in stimulus money to states in response to the foreclosure crisis.
The U.S. Department of Housing and Urban Development awarded Florida $208 million in stimulus funding, with California next at $149 million. The recent real estate crash hit Florida especially hard in recent years sending its foreclosure rate skyrocketing to one of the highest in the nation.
Dozens of Florida counties and cities will receive the funding with Miami-Dade receiving the most at $20 million, followed by Orange County at $11.5 million, Palm Beach at $11.2 million and Hillsborough County at $8 million. Allotments for Florida and the rest of the nation can be seen here.
HUD officials stated in a press release that the funding can be used to “acquire land and property; to demolish or rehabilitate abandoned properties; and/or to offer down payment and closing cost assistance to low- to moderate-income home buyers.”