Florida Housing Board Approves New Rental Housing Funding for Hurricane Michael Impacted Counties
TALLAHASSEE, FL— The Florida Housing Finance Corporation (Florida Housing) Board of Directors approved the funding of seven newly-constructed rental developments that will provide over 200 units of affordable housing in counties ravaged by the storm. The more than $30 million investment will be made using federal Home Investment Partnerships Program (HOME) funding and include developments in Bay (3), Gulf (2), Jackson and Wakulla counties.
Administered by Florida Housing, this program will provide additional affordable housing resources for those Floridians who were impacted by Hurricane Michael. In February, Florida Housing issued RFA 2019-109 offering $30 million of HOME funding to Applicants proposing the construction of affordable, multifamily housing in Hurricane Michael impacted counties and in Rural Areas. A total of 20 applications were received.
“We continue to see a basic lack of housing units in the area,” said Trey Price, executive director for Florida Housing. “These new affordable rental units will be a welcome addition and represent the first new, permanent rental housing that has been government financed.”
The HOME Investment Partnerships Program provides non-amortized, low interest loans to developers for acquisition and/or new construction or rehabilitation 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% per annum interest rate to for-profit applicants.
Click here to view the list of all applicants selected for funding.
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.