Last week, the federal government announced that it would begin investigating the Florida Hardest Hit Fund. The $1 billion state housing program is designed to help homeowners avoid foreclosure. The investigation was called for by U.S. Senator Bill Nelson who said the program was poorly run and not reaching enough people. Sen. Nelson went on to say that it is good news for Florida homeowners and will give them more access to the help that should be available to them.
The program was established as a part of a national program to help homeowners who are struggling as a result of the Recession. However, the program has been struggling to reach those who need assistance. As of March 1, 2013, only approximately 38 percent of the processed applications had been approved. Nearly half of the applicants had yet to be told whether they would get help from the Hardest Hit Fund. Broward County had more applicants than any other county in the State of Florida, with more than 6,000 of the 44,854 applications. The Florida Housing Finance Corp. administers the Hardest Hit Fund and defended the program last month in a letter to Sen. Nelson. In the statement, the agency’s executive director stated that the fund has been reviewed by the U.S. Department of Treasury and two state agencies, which found no evidence of wrongdoing.
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