Florida Housing Board Approves $30 Million for Hurricane Michael Impacted Counties
TALLHASSEE, FL– The Florida Housing Finance Corporation (Florida Housing) Board of Directors unanimously approved during today’s board meeting $30 million in HOME Investment Partnerships Program (HOME) funds targeted towards counties most impacted by Hurricane Michael. Florida Housing staff is now authorized to proceed with the development of a Request for Application (RFA) for HOME Program financing and authorize the Executive Director to establish a review committee for the RFA to make recommendations for award to the board in May 2019.
Florida Housing’s Executive Director Trey Price concurs with today’s vote saying, “Florida Housing’s Board of Directors and staff continue to find innovative ways to provide affordable housing and resources to the citizens of Florida. Approving the funding plan today will begin the efforts of building affordable housing in areas where it is needed in the Panhandle – whose families’ lives were devastated by the recent storm.”
This RFA will give preference to affordable rental developments to be built in areas most impacted by Hurricane Michael. Any remaining funds will be made available for developments in rural areas of the state.
The HOME Program provides non-amortized, low interest loans to developers for acquisition and/or new construction of affordable rental housing to low income families. Loans are offered for the financing of first or subordinate mortgages with a simple interest rate of zero percent to nonprofit applicants and 1.5 percent per annum interest rate to for-profit applicants.
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.