Gov. Rick Scott signed legislation Tuesday, allowing $200 million received under the National Mortgage Settlement, to be directed to several state agencies for various housing and foreclosure related programs and services.
Before signing the legislation – SB 1852 – Scott said, “This settlement will provide important relief to Florida homeowners and enable our state to get its fair share of the relief being provided across the country.”
Scott added: “Funding in this legislation will also help various affordable housing initiatives and will help make affordable housing more available to Florida families.”
Florida’s $200 million is part of a $25 billion settlement reached between states’ attorneys general and five of the largest banks and mortgage servicers, who perpetuated foreclosure fraud, abuse and unacceptable mortgage servicing practices, on millions of home owners nationwide.
Florida House Finance Corp. is expected to receive $60 million to support rentals for the elderly and developmentally disabled; $40 million will be directed to the State Housing Initiative Program for cities and counties for the renovation of owner-occupied homes, postonpolitics.com reported.
