Governor Ron DeSantis announced to Historic City News on Tuesday that full funding is provided in what he calls his “Bolder, Brighter, Better Future Budget” for state affordable and workforce housing programs. To applause from Florida’s housing leaders, the Governor recommends providing $387 million to the affordable housing trust funds — $119.8 million for the State Apartment Incentive Loan (SAIL) Program and $267.2 million for the State Housing Initiative Partnership (SHIP) Program.
The State Apartment Incentive Loan (SAIL) Program provides gap loan financing to developers to leverage funding available under both the Multifamily Mortgage Revenue Bond and Low-Income Housing Tax Credits programs, resulting in the full financing needed to construct affordable rental units for families and elders. These are low-interest loans awarded on a competitive basis to developers of affordable rental housing.
“We appreciate and applaud Governor DeSantis for his continued commitment to affordable and workforce housing,” Florida Housing Board Chairman Ray Dubuque said. “His recommendation to provide $397 million in funding for our state’s critical housing needs will go a long way in assisting those Florida families that are most in need; including those impacted by natural disasters.”
The State Housing Initiative Partnership (SHIP) Program provides funds to local governments as an incentive to create partnerships that produce and preserve affordable homeownership and multifamily housing. The program is designed to serve very low, low and moderate income families. The minimum allocation per county is $350,000 and may be used for strategies such as rehabilitation, emergency repairs, down payment assistance and homeownership counseling, new construction (when permitted), down payment and closing cost assistance, impact fees and mortgage buy-downs.
“Florida Housing thanks Governor DeSantis for his recommendation for the second year in a row to fully fund the housing trust funds,” Florida Housing Executive Director Trey Price said. “The Governor continues to take bold steps to ensure all citizens in Florida can access quality, affordable housing; which in turn improves our communities and spurs economic impact in this great state.”
Florida Housing was created by the Legislature more than 35 years ago. It is 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