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More madness…unstoppable, unabated madness.  It seems that all the effort is focused on flushing money out the door….but what about real long term solutions?
Even though Treasury obligated $1,057,839,136 of HHF funds to Florida, Florida
is not getting a significant amount of these funds out the door to help homeowners
with HHF.
As of June 30, 2013, the state had drawn down $231.3 million (22%)
of those funds.
As of June 30, 2013, the state had three HHF programs and
had spent $132.9 million (13% of its obligated funds) to help 9,745 individual
homeowners.
The remaining $27.6 million (3%) was spent on administrative
expenses, and $70.7 million (7%) is held as cash-on-hand.
At the start of 2011, Florida estimated that it would help as many as 106,000
homeowners with HHF but, as of June 30, 2013, had reduced that peak estimate
by 14%, to 91,500.
At the start of 2011, Florida estimated that it would provide HHF
unemployment assistance to 53,000 homeowners. As of June 30, 2013, Florida
lowered that peak estimate to 45,000 homeowners and has helped 8,760
homeowners with HHF unemployment assistance.
At the start of 2011, Florida estimated that it would provide HHF past-due
payment assistance to 53,000 homeowners. As of June 30, 2013, Florida lowered
that peak estimate to 45,000 homeowners and provided HHF past-due payment
assistance to 7,334 homeowners.
In mid-2013, Florida introduced a new program to modify mortgages for an
estimated 1,500 homeowners. As of June 30, 2013, no homeowners had been
helped under this new HHF program.
Figure 3.12 shows, in aggregate, the number of homeowners estimated to
participate in Florida’s programs (estimated program participation), the reported
number of homeowners who participated in one or more programs (program
participation), and the total number of individual homeowners assisted, as of
June 30, 2013. Because homeowners may participate in more than one program,
the reported program participation numbers are higher than the total number of
individual homeowners assisted. Figure 3.13 shows Florida’s HHF expenditures
compared with its obligated funds, as of June 30, 2013. Figure 3.14 shows the
number of homeowners estimated to participate in each of Florida’s programs
(estimated program participation) and the reported number of homeowners who
participated in each of Florida’s programs (program participation), as of June 30,
2013.

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