Tampa Officials Announced Plan to Help Solve the Problem in Florida Foreclosures

The city of Tampa in Florida will receive a federal grant of $13.6 million to manage foreclosure properties in its area. The said funding aims to purchase and refurbish the recorded 100 abandoned and home foreclosures in West Tampa and Sulphur Springs.

The funding that came from the Neighborhood Stabilization Program was passed by Congress and signed by President Bush. The said funds were approved in line with the government's drive to help solve foreclosure crisis.

California firm RealtyTrac said that the rates of Florida foreclosures were ranked as the third highest in the country's overall figures. The company also said that the state receives foreclosure filings from one out of every 157 homes in the area.

Tampa's Growth Management and Development Services Director Cyndy Miller said that the city would tap contractors, developers, financial and non-profit institutions to aid them in the program. The local government of Tampa believes that they should also contribute to the programs that aim to decrease the number of Florida foreclosures.

Miller was reported to have said that her office will work very hard for this project. She also said that they are seeking ways to help address the worsening problem of foreclosures in the state.

Meanwhile, Major John Bennett of the Tampa Police Department is looking forward to the said program. He believes that crime rate would definitely go down at Sulphur Springs once the abandoned and foreclosure homes in the area are reoccupied.

Tampa will not be the lone state to receive funding from the government. Hillsborough County will also be receiving a $19 million fund from the same federal program.

Analysts said that the funding from the Neighborhood Stabilization Program will definitely aid local communities with their foreclosure problems. However, they still believe that such funding will not completely solve the local housing crisis.