Florida Housing Approves Millions in Financing for Construction of Workforce Housing in Monroe County
Hurricane Recovery for area severely impacted by Hurricane Irma
TALLHASSEE, FL — The Florida Housing Finance Corporation (Florida Housing) Board of Directors approved the awarding of financing for the construction of two workforce housing developments in Monroe County during the board meeting held in December. Florida Housing issued invitations to credit underwriting last week to the approved applicants.
On October 8, 2018, the Corporation issued a request for application (RFA) offering over $1.8 million of Competitive Housing Credits and $15 million in State Apartment Incentive Loan (SAIL) funding to applicants proposing the development of workforce housing for hurricane recovery in Monroe County. This RFA was specifically created to assist with building affordable workforce housing in an area that was devastated by Hurricane Irma in 2017.
“Florida Housing is keeping its commitment of providing long-term housing solutions and resources to the citizens of Florida,” said Trey Price, executive director for Florida Housing. “The construction of affordable workforce housing is imperative in Monroe County as the community continues to rebuild from Hurricane Irma.”
The SAIL program provides developers with the gap funding needed to obtain full financing of affordable rental housing, and the Housing Credits program provides dollar-for-dollar reduction in federal tax liability in exchange for the development of affordable rental housing. SAIL loans are low-interest loans awarded on a competitive basis to developers of affordable rental housing. Click here to view additional information on the applications that were approved.
Florida Housing was created by the Legislature more than 35 years ago. We are the state’s housing finance agency (HFA) that administers state and federal resources to help provide affordable homeownership and rental housing options for the citizens of Florida. For more information, please visit www.floridahousing.org.