Florida Housing Announces Wind Down of Three Hardest-Hit Fund Programs
HFA Distributes Funding Two Years Ahead of Schedule
TALLAHESSEE, FL — Florida Housing Finance Corporation (Florida Housing) is announcing the wind down of three of its federal Florida Hardest-Hit Fund (HHF) programs, including the closing of the application portals on January 31, 2018. Currently, Floridians who are unemployed or underemployed through no fault of their own, have suffered a financial hardship due to death, divorce or disability, or who owe more on their home than it is worth may apply for this federal assistance through the following programs:
- Unemployment Mortgage Assistance Program (UMAP), which provides up to 12 months of payments (with a cap of $24,000) to assist homeowners who are unemployed, underemployed or have suffered a financial hardship due to death, divorce, or disability.
- Mortgage Loan Reinstatement Program (MLRP), which provides up to $25,000 assistance to reinstate a delinquent mortgage.
- Principal Reduction Program (PR), which provides up to a $50,000 principal reduction for homeowners who are underwater on their mortgage.
”Florida Housing is pleased to have helped tens of thousands of eligible homeowners stay in their homes and stabilize local housing markets,” said Trey Price, Executive Director for Florida Housing. ”Although the Florida HHF programs were originally slated to conclude by December 2020, we were able to meet the needs of struggling homeowners ahead of schedule.”
As of October 31, 2017, 45,546 Florida families have received assistance through HHF programs. Distributing the funds two years ahead of schedule, Florida Housing has disbursed 87.7 percent of the $1.135 billion HHF funds allocated by the US Department of Treasury (Treasury).
With the additional rounds of funding from Treasury and by Florida Housing decreasing administrative costs, over $32 million in additional funding was allocated to the programs to better serve the people of Florida.
Florida’s innovative HHF programs have assisted in the recovery from the housing crisis since the program’s inception in 2010. A report by CoreLogic shows that from April 2011 to August 2017, Florida’s foreclosure rate has drastically decreased from 12.47 percent to 1.20 percent, and the state’s unemployment rate during the same timeframe went from 10.10 percent to 4 percent.
HHF Program Stats and Testimonials
- Unemployment Mortgage Assistance Program (UMAP) — As of October 31, 2017, UMAP has assisted 19,170 Floridians.
- Mortgage Loan Reinstatement Program (MLRP) — As of October 31, 2017, MLRP has assisted 19,030 Floridians.
- Principal Reduction Program (PR) — As of October 31, 2017, PR has assisted 6,421 Floridians.
Program participants from around the state have written to share their experience with Florida Housing. Representative comments include:
”This program has been a life saver for me. It lowered my mortgage payment by $150 per month. I will be forever grateful for this program.”
”Thank you, Hardest-Hit Fund, for your support over the last months. Surely I would have been in foreclosure if it had not been for your help.”
”Knowing our home is no longer in foreclosure proceedings is such an unbelievable relief.”
Hear more participants discuss their experience here.
Those interested in applying for the UMAP or MLRP programs, visit www.flhardesthithelp.org.
Those interested in applying for PR program, visit www.principalreductionflhhf.org.
For more information on Florida Housing, visit www.floridahousing.org.
Jacqui Sosa Peters