Florida HFC to Help 20,000 Homeowners in Danger of Foreclosure

Florida is getting more federal money to help more unemployed homeowners at risk of foreclosure, but the program likely will be delayed until next year.

 

After an additional $238.8 million pledge last week from the Obama administration, Florida now will have $656.8 million, state housing officials said Thursday.

 

The money will be used to cover mortgage payments up to 18 months for single-family homeowners who are unemployed or in jobs with salaries below what they need for basic living expenses.

 

Originally, the Florida Housing Finance Corp. said it could help 12,000 homeowners statewide, but the additional money will allow the agency to assist 20,000 homeowners. Officials said previously that South Florida borrowers will get much of the aid because the housing collapse was so severe across the region.

 

The program was expected to be available statewide by the end of the year, but it probably won’t happen until 2011, said Cecka Green, spokeswoman for Florida Housing Finance.

 

The agency will provide more details at a later date on how to apply for the program, Green said.

So far, the government has allocated $4.1 billion to 18 states and the District of Columbia to help troubled borrowers stay in their homes.