FLORIDA - Florida and the federal government will pump more than a billion dollars into the economy to help tackle the state's housing problem.

This morning, Governor Charlie Crist signed an executive order, authorizing 571 million dollars in tax exempt bonds.

The bonds are available now and will be used to offer low interest loans to first time home buyers.

Another half billion dollars in federal grants will flow to the state by the first of year.

That money will be distributed to Florida cities and counties based on the area's foreclosure rate.

The funds will be used to help communities purchase foreclosed homes and assist people fighting foreclosure.

Governor Crist stressed the fact that much of the money is available now.

Charlie Crist / Governor: "In total will be almost over a billion dollars available, depending on application time, but in housing area alone, it's 571 million dollars that
wasn't available before I signed that."

The federal money will be available sometime after the state submits its action plan to the US Department of Housing and Urban Development.

The deadline to turn in the plan is December.Money Available for Florida's Housing Problem