CFO Sink Hails $541 Million Housing Assistance from Federal Government
CONTACT: Tara Klimek
TALLAHASSEE— Florida Chief Financial Officer Alex Sink today hailed the award of $541 million in housing aid to Florida’s local governments by the United States Department of Housing and Urban Development. Florida has one of the highest foreclosure rates in the nation and the highest rate of mortgage fraud.
The funds, appropriated by Congress as part of the Housing and Economic Recovery Act of 2008, will be used to help local governments renovate abandoned and foreclosed properties to make them available for resale. In turn, local governments will make these properties available to moderate and low-income Floridians.
“I am delighted to see that Floridians will reap hundreds of millions of dollars worth of benefits from the new law,” said CFO Sink, who oversees the Department of Financial Services. “These resources will help thousands of Floridians who don’t currently own a home have the chance to become homeowners. It will also help local governments meet the pressing need for housing for many of our hard-working families, including law enforcement officers, teachers and nurses.”
After Congress’ passage of the Housing and Economic Recovery Act of 2008, CFO Sink created a Financial Action Team to review the federal law and to conduct an outreach campaign. The Financial Action Team is targeting new homebuyers, veterans, homeowners who are having trouble meeting their mortgage payments, and local governments.
As a statewide elected officer of the Florida Cabinet, Chief Financial Officer Alex Sink oversees the Department of Financial Services, a multi-division state agency responsible for management of state funds and unclaimed property, assisting consumers who request information and help related to financial services, and investigating financial fraud. CFO Sink also serves as the State Fire Marshal.