Hernando County Looking Out For Its Share from $3.92 Billion

The commissioners of Hernando County have created a task force so that this county receives its part of the $3.92 billion federal fund. This fund granted by the US Department of Housing and Urban Development has been given to different states and their local governments and communities so that they can fight with the problem of foreclosure. The fund for Hernando County will help it to bring stability in the real estate market thereby creating job opportunities as well as get away with the foreclosure crisis. Recently the Congress has passed the 2008 Housing and Economic Recovery Act for bringing reformation in mortgage.

Hernando County has the highest rate of foreclosures in Florida. It ranks 10th among all the counties of Florida in its number of foreclosure filings. It has been recorded by the clerk of the Court’s Office that from January to September, about 2,402 properties has been foreclosed in Hernando County. Chris Kingsley, commissioner of Hernando County is hoping that the rehabilitation of properties will prompt the subcontractors and the real estate people to get back to their work. This will help in boosting up the economy.

Kingsley has said, “This is our best option so far,” The fund can be used by both the local and the state government to purchase land and properties. Apart from that, it can also be used to rehabilitate the properties that are vacant. The low and moderate income buyers can use this money to make their down payments and closing costs. A letter has been very recently sent by the commissioners of Hernando County to the lawmakers of the state whereby they have put forward the kind of urgency that the county’s real estate is going through.

Florida is waiting eagerly to know about the amount of share that it is going to get to fight with foreclosure. State Rep. Rob Schenck has expressed a mixed feeling and said, “Philosophically, I don’t know if it’s the best thing to have government buying houses. I very much believe the economy as a whole and our lives are better off with less government.” He has further said, “At the same time, that’s certainly a decision that lies with the county commissioners. I will certainly make sure Hernando County is given the opportunity to receive its portion of Florida’s allotment.”

Steve Preston, Secretary of the US Housing and Urban Development, has said that their intention is to use the fund in a very effective way so that it can meet the highest need.

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