Homeownership and multifamily developments
that participate in the funding programs of Florida Housing Finance Corporation
must meet a variety of income and rent requirements as determined by the FHFC
program used to finance the development. Affordability is defined in terms of
the income of the people living in the home. The family must be income eligible
in terms of area median income (AMI), adjusted to family size.
Extremely Low Income – AMI Levels
Rule Chapter 67-48,
F.A.C, governing Florida Housing’s Tax Credit program, provides the following
(38) “ELI Household” or “Extremely Low
Income Household” means a household of one or more persons wherein the annual
adjusted gross income for the Family is equal to or below the percentage of
area median income.
(39) “ELI Persons” or “Extremely Low
Income Persons” means extremely low income persons as defined in Section
420.0004(8), F.S., and for the Universal Cycle, will be as outlined in the ELI
County Chart included in the Set-Aside Commitments section of the Universal Application
(40) “ELI Set-Aside” or “Extremely Low
Income Set-Aside” means the number of units designated to serve ELI Households.
ELI County Chart
for Florida Housing Programs
Multifamily Program Income Limits
The link below is for the Florida
Housing Finance Corporation’s Multifamily Programs, and is also used by the Corporation’s
State Housing Initiatives Partnership (SHIP). The area median income for the
states’ cities and counties are shown here as well:
Florida Housing Program
link lists the Maximum Rents that can be charged by developments participating
in the following Florida Housing programs: Housing Credit (HC), State Housing
Initiatives Partnership (SHIP), HUD Multifamily Risk Sharing, and Community
Workforce Housing Innovation Program (CWHIP). Excluding SHIP, these figures
represent MAXIMUM gross rents which must include an allowance for utilities.