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Florida Housing Hurricane Michael Housing Recovery Fact Sheet

Published on October 9, 2019 by Florida Housing Finance Corporation
Florida Housing Hurricane Michael Housing Recovery Fact Sheet

Florida Housing Finance Corporation (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.

State Housing Recovery Funding

  • Florida Housing Finance Corporation fully disbursed $5 million in January 2019
  • Used in accordance with the established Local Housing Assistance Plan (LHAP)
  • Local governments will submit report on expended funds in September 2020

Funding Breakdown:

Local Government SHIP Disaster Allocation
Bay County $    892,375
Panama City $1,615,000
Jackson $    552,625
Gulf $    764,875
Calhoun $    425,125
Gadsden $    201,500
Washington $    156,925
Liberty $    100,000
Franklin $    142,075
Wakulla $    149,500
Holmes $                  –
Total $5,000,000

 

  • $65 million for Hurricane Housing Recovery Program (HHRP) – similar to SHIP Program:
  • The 13 eligible local governments include: Bay County, City of Panama City, Jackson County, Gulf County, Calhoun County, Gadsden County, Washington County, Liberty County, Leon County, City of Tallahassee, Franklin County, Wakulla County and Holmes County
  • 10 of 13 local governments have executed agreements
  • First disbursement (50% of HHRP appropriation) expected  by October 10 to eligible local governments
County/City Total Allocation Payment #1 (October 2019)
Bay $      28,228,200        11,000,000
Panama City $        8,431,800          4,798,900
Jackson $        7,215,000          4,107,000
Gulf $        5,915,000          3,367,000
Calhoun $        5,135,000          2,923,000
Gadsden $        3,055,000          1,739,000
Washington $        1,885,000          1,073,000
Liberty $        1,755,000             999,000
Franklin $        1,235,000             703,000
Leon $           351,000             351,000
Tallahassee $           429,000             429,000
Wakulla $           780,000             780,000
Holmes $           585,000             585,000
Total $      65,000,000      32,854,900

 

  • $50 million for Rental Recovery Loan Program (RRLP)- similar to SAIL Program:
  • The Request for Applications Process will fund developments located in Hurricane Michael impacted areas of the following: Bay and Jackson County (Tier 1), Calhoun, Gadsden and Gulf Counties (Tier 2) and Washington, Liberty, Franklin, Leon, Wakulla and Holmes Counties (Tier 3).
  • A workshop was conducted this past June and RFA 2019-111 was issued on August 1st
  • Applications are due October 9th
  • Proposed developments located in Bay or Leon county with more than 30 total units must utilize tax-exempt bond and non-competitive 4% housing credits

Additional Homeownership Housing Recovery

  • Hurricane Michael Recovery Loan Program:
  • $5 million of Florida Housing’s own funding towards first mortgages and down payment assistance in following Hurricane Michael impacted counties: Bay, Calhoun, Franklin, Gadsden, Gulf, Holmes, Jackson, Liberty, Taylor, Wakulla and Washington.
  • Provided below market rate 30-year fixed interest rate first mortgages along with up to $15,000 in forgivable down payment assistance (DPA) and closing cost assistance for Program qualified homebuyers with incomes up to 140 percent AMI.
  • Program kicked-off in June 2019
  • More than 335 loans reserved
  • Originating ten times the number of loans in the 11 impacted counties, in under four months, as we had in all of 2018

Additional Multifamily Housing Recovery

  • HOME Financing for Rental Developments in Hurricane Michael Impacted Counties & Rural Areas:
  • RFA 2019-109
  • Utilizes Federal HOME Investment Partnerships Program funds to increase the stock of housing affordable to low-income households
  • Similar to RRLP, proposed developments located in Bay County may use Corporation-issued Multifamily Mortgage Revenue Bonds (MMRB) Program funding and Non-Competitive Housing Credits
  • Funding newly-constructed rental developments providing over 200 units of affordable housing
  • $47.9 in HOME funding was allocated
  • 20 Applications
  • All Tier 1 applications were funded, with 10 applicants invited to enter credit underwriting in June of this year
  • Four (4) in Bay County
      • Tupelo Park Apartments
      • Springfield Crossings
      • Hilltop Pointe
      • Matthew Commons
  • Two (2) in Gulf County
      • Gateway Manor
      • Barry’s Bungalows
  • Two (2) in Jackson County
      • Tranquility at Hope School
      • Marianna Crossings
  • One (1) in Wakulla County
      • Greyes Place
  • One (1) in Franklin County
      • Jordan Bayou

For more information, please visit www.floridahousing.org.

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