MIAMI (AP) - A federal agency is giving more than $28 million dollars to three Florida communities that have been slammed by high foreclosures and dropping home values.
The Department of Housing and Urban Development says the money can be used by state and local governments to buy and redevelop
foreclosed properties that could be sources of blight in
HUD approved about $19 million for Hillsborough County, which includes the city of Tampa.
The housing agency also approved about $7 million for Cape Coral and about $2 million for Fort Myers. Both are in southwest Florida.
According to RealtyTrac, the Cape Coral-Fort Myers area was first in November foreclosure-related filings, with one in every 59 housing units receiving one.
(Copyright 2008 by The Associated Press. All Rights Reserved.)