While thousands of people are struggling to hang onto their homes in the face of massive foreclosures in this tough economy, there are thousands more hoping to purchase their first home. Some lucky first-time would-be home buyers have hit the lottery of a lifetime. It's not the Florida Lottery, but a lottery that will make the dream of owning their own home a reality.
Jim Goldrup just won the lottery, a housing lottery that guarantees him an $80 thousand low to no interest loan from Miami-Dade County's Office of Community and Economic Development. He is one of 45 people to win out more than 200 applicants.
As one of the leading states affected by the current mortgage crisis, nearly 383 thousand foreclosures were reported in Florida during the first half of 2008. As a result, some low and middle income residents of Miami-Dade County have had difficulties purchasing their first homes.
Tuesday morning, former Congresswoman Carrie Meek conducted the first drawing of the Housing Subsidy Lottery. read more
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