Central Florida will receive nearly $48 million in federal funds to assist foreclosure-plagued neighborhoods, officials announced Thursday.

According to officials with the U.S. Department of Housing and Urban Development, the money is part of a $1 billion "neighborhood stabilization program." The Obama administration began the program to help local housing authorities across the county buy and renovate abandoned properties. The money will also be used to offer assistance with down payments and closing costs to low-and moderate-income homebuyers.

Florida, which has one of the highest foreclosure rates in the country, will receive about $208 million, which is the largest amount of any state. California will receive the second-largest portion, $149 million.

"To us, it's an easy investment," said HUD Deputy Secretary Ron Sims. "It means someone will wake up and have a job to go to. … A community will have a new neighbor. And a new family will live here."

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