$98M Available for Affordable Housing

by Isaac Benmergui, Esq on March 9, 2012

As Florida’s housing market limped along, it managed to accumulate $98 million in tax revenue in an affordable housing account to be used for repairing foreclosed homes and getting people from middle- to low-income families into homes. State officials, including Gov. Rick Scott; however, want to use the money to balance the state budget. Florida’s State Senate also already moved $29.6 million back into the affordable housing account.

Affordable Housing Fund Would Benefit Miami-Dade Low Income Households

Leaving the money in the housing account would allow Miami-Dade County to assist more low income families with the purchase of a home by helping them qualify for mortgages and make needed repairs on already existing homes. Only 15 percent of the more than 4,200 people that qualified for homeowners’ assistance received it.

Affordable Housing Fund Could Add 7,500 Jobs

Using the money for affordable housing could also add 7,500 new construction jobs to Florida’s ailing economy and stimulate more tax revenue. Community development officials in blighted areas believe the economic impact to their communities would be immediate. Governor Scott believes the money is being allocated property to the areas of greatest need.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs from negotiating purchase and sell agreements to closings; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

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