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 their home loans. However, thousands of applicants are still waiting 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 about 150 of 2,100 applicants have been approved so far.