Early returns are coming in for the state’s mortgage reduction program.
The average Florida homeowner approved for the program is receiving $41,950 to pay down a home loan, according to the Palm Beach Post. But thousands of applicants are still in limbo six months after the initiative was announced.
A total of $350 million was set aside for the principal reduction program, one of five that fall under the state’s $1 billion Hardest Hit housing assistance initiative. Approved homeowners are eligible to receive up to $50,000 through a five-year forgivable loan.
In Palm Beach County, only 146 of the 2,100 applicants have been approved. [Palm Beach Post] — Eric Kalis