Florida

Florida Programs and Resources

The following government funding programs, contacts and resources are available in Florida

Programs
The following programs are available to you in the state.

Multifamily Mortgage Revenue Bonds
227 N. Bronough Street, Suite 5000
Tallahassee, Florida 32301
Phone: (850) 488-4197
Fax: (850) 488-9809
The Multifamily Mortgage Revenue Bond program (MMRB) uses both taxable and tax-exempt bonds to provide below market-rate loans to non-profit and for-profit developers who set aside a certain percentage of their apartment units for low income families. These bonds are sold through either a competitive or negotiated method of sale or private placement. The program requires that at least 20 percent of the units be set aside for households earning at or below 50 percent of the area median income (AMI). The developer may also opt to set aside 40 percent of the units for households earning at or below 60 percent of the AMI.

The MMRB program encourages targeting in several areas. For the 2003 Universal Application Cycle, small counties recieve 10 percent (10%) of the total allocation, and medium counties receive 31 percent (31%) of the total allocation. Large counties will receive 59 percent (59%) of the allocation. Special consideration is given to developments that target specific groups or areas such as the Florida Keys, rural development, the elderly, urban infill areas, Front Porch Florida communities, HOPE VI communities, homeless people, and farmworkers or commercial fishing workers.

Affordable housing developers are able to use the dollars from this program in conjunction with other Florida Housing programs, such as the Affordable Housing Guarantee Program, which participates in the U.S. Department of Housing and Urban Development’s Multifamily Risk Sharing program, and the State Apartment Incentive Loan Program.

The MMRB process is a multi-layered process that includes periods such as the allocation of private activity bonds; rule development, ranking and scoring of applications; public hearings; credit underwriting; fiscal sufficiency; loan commitment; real estate closing; and bond pricing and closing. Typically, affordable housing developers involved in the construction or acquisition of properties of 200 units or more submit applications to the MMRB program.
Website: http://www.floridahousing.org/Home/Developers/MultifamilyPrograms/MMRB.htm

Low Income Housing Tax Credit (LIHTC)
227 N. Bronough Street, Suite 5000
Tallahassee, Florida 32301
Phone: (850) 488-4197
Fax: (850) 488-9809
The Housing Credit (HC) program provides for-profit and nonprofit organizations with a dollar-for-dollar reduction in federal tax liability in exchange for the acquisition and substantial rehabilitation, substantial rehabilitation, or new construction of low and very low income rental housing units. Eligible development types and corresponding credit rates include: new construction, nine percent (9%); substantial rehabilitation, nine percent (9%); acquisition, four percent (4%); and federally subsidized, four percent (4%). A Housing Credit allocation to a development can be used for 10 consecutive years once the development is placed in service.

Qualifying buildings include garden, high-rise, townhouses, duplexes/quads, single family or mid-rise with an elevator. Ineligible development types include hospitals, sanitariums, nursing homes, retirement homes, trailer parks, and life care facilities. This program can be used in conjunction with the HOME Investment Partnerships program, the State Apartment Incentive Loan program, the Predevelopment Loan program, or the Multifamily Mortgage Revenue Bonds program.

Each development must set aside a minimum percentage of the total units for eligible low or very low income residents for the duration of the compliance period, which is a minimum of 30 years with the option to convert to market rates after the 14th year. At least 20 percent of the housing units must be set aside for households earning 50 percent or less of the area median income (AMI), or 40 percent of the units must be set aside for households earning 60 percent or less of the AMI.

Housing need is assessed annually based on current statewide market studies and public input, and funds are distributed annually to meet the need and demand for targeted housing in large, medium, and small-sized counties throughout Florida. Additionally, housing credits are sometimes reserved for affordable housing that addresses specific geographic or demographic needs, including the elderly, farmworkers and commercial fishing workers, urban infill, the Florida Keys Area, Front Porch Florida communities, or developments funded through the U.S. Department of Agriculture Rural Development.

The Housing Credit program is governed by the U.S. Department of Treasury under Section 252 of the Tax Reform Act of 1986 and Section 42 of the Internal Revenue Code, as amended. Each year, the U.S. Department of Treasury awards each state an allocation authority consisting of the per capita amount of $1.75 times the state population plus the state’s share of the national pool (unused credits from other states). Starting in 2003, the per capita amount will be adjusted annually for inflation.

Since its inception in 1987, Florida Housing’s Housing Credit program has allocated over $201 million in housing credits toward the production of more than 53,000 affordable rental units.
Website: http://www.floridahousing.org/

State Apartment Incentive Loan (SAIL) Program
227 N. Bronough Street, Suite 5000
Tallahassee, Florida 32301
Phone: (850) 488-4197
Fax: (850) 488-9809
The State Apartment Incentive Loan program (SAIL) provides low-interest loans on a competitive basis to affordable housing developers each year. This money often serves to bridge the gap between the development’s primary financing and the total cost of the development. SAIL dollars are available to individuals, public entities, not-for-profit or for-profit organizations that propose the construction or substantial rehabilitation of multifamily units affordable to very low income individuals and families.

A minimum of 20 percent of the development’s units must be set aside for families earning 50 percent or less of the area median income. Developments that use housing credits in conjunction with this program may use a minimum set-aside of 40 percent of the units for residents earning 60 percent of the area median income. Developments in the Florida Keys Area may use a minimum set-aside of 100 percent of the units for residents with annual household incomes below 120 percent of the state or local median income, which ever is higher.

Loan interest rates are set at zero percent for those developments that maintain 80 percent of their occupancy for farmworkers, commercial fishing workers or homeless people. The interest rates are set at one percent for all other developments. Loans are issued for a maximum of 15 years unless housing credit syndication requirements or FannieMae requirements dictate longer terms or if the Corporation’s encumbrance is subordinate to the lien of another mortgage, in which case the term may be made coterminus with the longest term of the superior loan. In most cases, the SAIL loan cannot exceed 25 percent of the total development cost and can be used in conjunction with other state and federal programs.

Eligible applicants should apply for funding through the Universal Application Cycle or contact our office for further information. This program is governed by Rule 67-48 of the Florida Administrative Code.
Website: http://www.floridahousing.org/

HOME Investment Partnerships Program
227 N. Bronough Street, Suite 5000
Tallahassee, Florida 32301
Phone: (850) 488-4197
Fax: (850) 488-9809
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. Loan terms are generally for 15 years for rehabilitation and 20 years for new construction.

The borrowers of HOME funds are for-profit developers, nonprofit housing providers, Community Housing Development Organizations (CHDOs) or local governments, redevelopment organizations or public housing authorities.

Twenty percent of the HOME-assisted units are occupied by families whose annual incomes do not exceed 50 percent of the median family income for the area; and the balance of HOME-assisted units must be occupied by families whose annual incomes do not exceed 60 percent of the median family income for the area. All HOME loans must comply with 24 CFR, Part 92 and applicable federal requirements, including federal labor standards.

Eligible applicants should apply for funding through the Universal Application Cycle or contact program staff for further information. This program is governed by Rule 67-48 of the Florida Administrative Code.
Website: http://www.floridahousing.org/

Predevelopment Loan Program
227 N. Bronough Street, Suite 5000
Tallahassee, Florida 32301
Phone: (850) 488-4197
Fax: (850) 488-9809
Through individualized technical assistance and flexible below market interest financing for predevelopment activities, the Predevelopment Loan Program (PLP) helps nonprofit and community based organizations, local governments, and public housing authorities plan, finance, and develop affordable housing. Eligible organizations may apply for a loan of up to $750,000. The loan carries a non-amortizing one to three percent interest rate, with principal and interest deferred until maturity. The loan generally matures either upon the closing of construction/permanent financing or three years after the original PLP loan closed, whichever occurs first.

PLP loans may be applied toward costs such as rezoning, soil tests, engineering fees, title searches, appraisals, feasibility analysis, legal fees, audit fees, earnest money deposit, impact fees, insurance fees, commitment fees, administrative costs, marketing expenses and acquisition expenses. These activities must be part of a nonprofit or governmental organization’s efforts to develop housing for low income households. Specifically, rental developments must set aside 60 percent of its units for persons earning 60 percent or below of area median income (AMI). Homeownership developments must set aside 50 percent of their units for persons earning 80 percent or below of AMI and the other 50% to persons whose income does not exceed 120% of the AMI.

Once a loan application is approved, the applicant receives an invitation to participate in the PLP program and submits a $600 commitment fee. Florida Housing staff will then assign a technical assistance provider to work with the applicant on developing strategies for securing construction and permanent financing. The applicant is allowed six months to complete the development plan, which is reviewed, and the loan request is submitted to Florida Housing’s Board of Directors for approval.

If approved, the applicant submits a final $600 commitment fee, and if funds are available, the loan is granted. If the applicant is successful in obtaining construction/permanent financing, the PLP loan is due upon closing of the permanent loan. The applicant will receive a credit for the $1,200 paid in commitment fees. Applications are available from Florida Housing for a fee of $30, and there is an additional $100 application fee required at the time the application is submitted. Applications are accepted on an ongoing basis.
Website: http://www.floridahousing.org/

Elderly Housing Community Loan (EHCL) Program
227 N. Bronough Street, Suite 5000
Tallahassee, Florida 32301
Phone: (850) 488-4197
Fax: (850) 488-9809
The Elderly Housing Community Loan (EHCL) program provides loans of up to $750,000 to developers that are making substantial improvements to elderly housing. The EHCL program generally has one funding cycle each year (with the option of a supplemental cycle should funds still be available) and the application period is open for a minimum of 30 days. These funds are available for the purpose of making building preservation, sanitation repairs or improvements required by federal, state or local regulation codes, or life safety or security related improvements.

These housing developments must provide housing for the elderly as defined in Section 420.503 Florida Statutes. Applicants may be any person or entity, public or private, for-profit or nonprofit that provides housing for the elderly.
Website: http://www.floridahousing.org/

Preservation Rehabilitation Pilot Program
227 N. Bronough Street, Suite 5000
Tallahassee, Florida 32301
Phone: (850) 488-4197
Fax: (850) 488-9809
From the funds in Specific Appropriation 1616, $10,000,000 in non-recurring funds in the State Housing Trust Fund is provided for a preservation rehabilitation pilot program in Pasco, Palm Beach and Orange counties targeting rental housing that receives or has received funding from any federal or state housing funding program. To the maximum extent feasible, these moneys shall be leveraged by intermediaries at least 4:1. (HB 5001 General Appropriations Act for Fiscal Year 2008-2009).
Website: http://apps.floridahousing.org/

Homeownership Pool (HOP) Program
227 N. Bronough Street, Suite 5000
Tallahassee, Florida 32301
Phone: (850) 488-4197
Fax: (850) 488-9809
Florida Housing Finance Corporation, in response to the recognized need to enhance the ability and process of Developers to match qualified homebuyers with purchase assistance, has created the HOMEOWNERSHIP POOL (“HOP”) PROGRAM. The “HOP” Program is designed to be a noncompetitive and on-going program, where Developers, by way of an online system have the ability to reserve funds for eligible homebuyers to provide purchase assistance on a first-come, first-served basis.
Website: http://apps.floridahousing.org/StandAlone/FHFC_ECM/AppPage_HOPHomePage.aspx

Energy Efficient Appliance Rebate Program
Florida Energy & Climate Commission
The State of Florida will implement a mail-in rebate program to help residents replace older, inefficient appliances with ENERGY STAR� qualified appliances. The program is scheduled to begin April 16, 2010 and is scheduled to last ten days. The program is timed to coincide with Florida?s Earth Day Activities. Florida will offer residents a 20% rebate off the price of a new ENERGY STAR qualified appliance. Consumers may also receive an additional rebate with proof of having recycled the old appliance.

Eligible Products:
* Refrigerators
* Freezers
* Clothes washers
* Dishwashers
* Room air conditioners
* Gas tankless water heaters

Program running 4/16/2010 – scheduled to last ten days
Website: http://www.myfloridaclimate.com/

Senators
Your state senators can help you move your deals forward. Here’s who you want to reach out to.

Marco Rubio  (R-FL)
317 Hart Senate Office Building
Washington Dc 20510
Phone: (202) 224-3041
Email: Contact Online
Website: http://www.rubio.senate.gov

Bill Nelson (D-FL)
716 Hart Senate Office Building
Washington Dc 20510
Phone: (202) 224-5274
Email: Contact Online

Website: http://billnelson.senate.gov/

House Representatives
State Representatives don’t want boarded up properties or unaffordable housing in their districts. Reach out to them for a helping hand in getting your applications reviewed.

Rep.Steve Southerland  [D, FL-2]
Website: http://www.house.gov/boyd

Rep. Corrine Brown [D, FL-3]
Website: http://www.house.gov/corrinebrown

Rep. Richard Nugent [R, FL-5]
Website:http://nugent.house.gov/

     Rep. Ander Crenshaw [R, FL-4]
Website: http://crenshaw.house.gov

Rep. Mario Diaz-Balart [R, FL-21]
Website:  http://mariodiazbalart.house.gov/

Rep. David Rivera [R, FL-25]
Website: http://www.house.gov/mariodiaz-balart

Rep. Alcee Hastings [D, FL-23]
Website: http://alceehastings.house.gov

Rep. Federica Wilson [D, FL-17]
Website: http://wilson.house.gov/

Rep. John Mica [R, FL-7]

Website: http://www.house.gov/mica

Rep. Jeff Miller [R, FL-1]
Website: http://www.house.gov/jeffmiller

Rep. Dennis Ross [R, FL-12]
Website:http://dennisross.house.gov/

Rep. Ileana Ros-Lehtinen [R, FL-18]
Website: http://www.house.gov/ros-lehtinen

Rep. Clifford Stearns [R, FL-6]
Website: http://www.house.gov/stearns

Rep. Ted Deutch  [D, FL-19]
Website: http://teddeutch.house.gov/

Rep. Bill Young [R, FL-10]
Website: http://www.house.gov/young

Rep. Connie Mack [R, FL-14]
Website: http://www.house.gov/mack

Rep. Debbie Wasserman Schultz [D, FL-20]
Website: http://www.house.gov/schultz

Rep. Kathy Castor [D, FL-11]
Website: http://castor.house.gov

Rep. Vern Buchanan [R, FL-13]
Website: http://buchanan.house.gov

Rep. Allen West D, FL-22]
Website: http://west.house.gov

Rep. Gus Bilirakis [R, FL-9]
Website: http://bilirakis.house.gov

Rep. Daniel Webster [D, FL-8]
Website: http://webster.house.gov

Rep. Sandy Adams [D, FL-24]
Website: http://www.adams.house.gov

Rep. Bill Posey [R, FL-15]
Website: http://posey.house.gov

Rep. Thomas Rooney [R, FL-16]
Website: http://rooney.house.gov

Large Cities and Communities
The following larger cities and communities are most likely to offer local programs:

  • Boca Raton
  • Boynton Beach
  • Bradenton
  • Cape Coral
  • Clearwater
  • Coconut Creek
  • Coral Springs
  • Davie
  • Daytona Beach
  • Deerfield Beach
  • Delray Beach
  • Deltona c
  • Fort Lauderdale
  • Fort Myers
  • Gainesville
  • Hialeah
  • Hollywood
  • Homestead
  • Jacksonville
  • Kissimmee
  • Lakeland
  • Largo
  • Lauderhill
  • Margate
  • Melbourne
  • Miami
  • Miami Beach
  • Miami Gardens
  • Miramar
  • North Miami
  • North Port
  • Ocala
  • Orlando
  • Palm Bay
  • Palm Coast
  • Pembroke Pines
  • Pensacola
  • Plantation
  • Pompano Beach
  • Port Orange
  • Port St. Lucie
  • Sanford
  • Sarasota
  • St. Petersburg
  • Sunrise
  • Tallahassee
  • Tamarac
  • Tampa
  • Wellington Village
  • West Palm Beach
  • Weston
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