TALLAHASSEE — Nearly $35 million has been earmarked for Southwest Florida under a $4-billion federal aid package to pay for redevelopment of abandoned and foreclosed property.
Provided under the Housing and Economic Recovery Act of 2008, local governments and redevelopment agencies can use the funds to purchase abandoned and foreclosed homes and property or provide down payment and closing cost assistance to qualified homeowners.
Included in the nearly $541 million in Florida aid, the relief package includes $7.3 million for projects in Collier County, $2.3 million for Fort Myers and $18.2 million for other portions of Lee County. Cape Coral is eligible for $7.1 million in housing assistance.
The funds will be divvied up between more than a dozen county and city-backed programs targeting residents who make up to 120 percent of the local median income.
Source: NaplesNews.com
