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Legislative Initiatives
 
$250 Million Allocated for Housing Recovery

The four hurricanes that hit Florida in 2004 damaged more than 700,000 homes. As part of Florida’s response, Governor Jeb Bush and Lieutenant Governor Toni Jennings have recommended that the Florida Legislature appropriate one-time hurricane housing recovery funds. The amount approved by the 2005 Legislature is $250 million. In order to determine how those funds should be allocated and utilized, Governor Bush created the Hurricane Housing Work Group and named Lt. Governor Jennings as its chair.

As part of the approved legislation, a state administered Rental Recovery Loan Program (RRLP) is established that leverages existing federal rental financing programs to provide additional rental stock to the areas of Florida hurt by the 2004 hurricanes. Some $42 million is available for any person or entity, public or private, for-profit or not-for-profit proposing to build affordable rental housing using Multifamily Mortgage Revenue Bonds in conjunction with the RRLP. Eligible developments are those located in Tier I, II and III counties as identified in the Hurricane Housing Work Group report.

In addition, a locally administered Hurricane Housing Recovery Program is established that will accommodate the different housing needs of each impacted community. Some $208 million is available through the State Housing Initiatives Program for households with incomes up to 120 percent of area median income (AMI), with 30 percent of program funds reserved for low income households. Eligible recipients are Tier I, II and III counties, SHIP eligible municipalities and nonprofit providers (supplemental funding only) of affordable housing located in Tier I, II and III counties.

@ Florida Housing Finance Corporation. All Rights Reserved.