In response to the damage and loss of homes resulting from the numerous hurricanes that hit Florida in 2004 and 2005, Governor Jeb Bush and the Florida Legislature enacted Chapter 2006-69, L.O.F. (House Bill No. 1363), which appropriates $92.9 million for a 2006 Rental Recovery Loan Program (RRLP). These funds will leverage available federal resources and private capital to build and rehabilitate affordable rental housing to help communities respond to their hurricane recovery needs. The funds will provide gap financing to help create rental communities that will be affordable for at least 50 years and will include a meaningful percentage of units that are set aside for those with extremely low incomes. Twenty-five percent of the program funds will be targeted to developments serving elders.
A complete copy of Chapter 2006-69, L.O.F., is available at http://election.dos.state.fl.us/laws/06laws/convframe.html
A complete copy of the Hurricane Housing Work Group’s final report, dated February 16, 2005, is available here.