Gov. Wants $50M to Help Florida Home Buyers

Florida Gov. Charlie Crist has asked the State Legislature for $50 million from the state’s trust fund reserves to help the Florida Housing Finance Corp. provide assistance to some 3,000 first-time home buyers.

The request is part of Crist’s proposed economic stimulus package, which he sent last week to state house and senate leaders.

The assistance would provide $10,000 for new buyers to make down payments on Florida mortgage transactions and pay for closing costs, as well as get home loan financing at a quarter percent less than the market rate.

Crist also wants $315 million in funds to be released earlier than expected to build public schools, community colleges and state universities within the next 3-6 months.

The governor said the release of funds, along with an extra $168.3 million in the Public Education Capital Outlay trust fund, could stimulate the Florida real estate market as well as the construction industry.

Crist is also calling for the Florida Department of Transportation to fast-track road construction and port improvement projects, such as acceleration of 10 deepwater port projects.

Administration officials said that every dollar invested in ports yields $6.90 to the state’s economy, which many say is on the brink of turmoil.

As housing and Florida mortgage woes worsen, officials are looking at every possible means of stimulating growth and staving off recession.

SOURCE: Tampa Bay Business Journal