- Florida is to receive $250 million of funding from the federal CARES act, aimed at providing relief for renters and mortgage holders across Florida that have been impacted by COVID-19
- $120 million is allocated to provide for short term rental assistance for families residing in affordable housing that have been affected by COVID-19
- A separate $120 million is planned to be released to various counties to provide assistance to rental and homeowners assistance programs. The amount of funding received is to be determined based on a county’s reemployment assistance rate for the determined disbursement period
- $2 million is planned to be provided for the payment to assist regarding past and future special needs developments in Florida communities
- $8 million has been provided to pay for expected administrative costs
On June 25, 2020, Governor Ron DeSantis announced that Florida is to receive $250 Million for Affordable Housing Coronavirus relief. This money is funded from the federal CARES act and is intended to provide relief for rental tenants and mortgage holders for Florida families that have been affected by the COVID 19 pandemic.
The governor is quoted as saying that, “Many families across our state have been negatively impacted by COVID-19 through no fault of their own. This initiative strives to provide financial assistance through multiple affordable housing programs to ensure these Floridians received the support they need during this difficult time.”
The initiative is made up of two segments, totaling $240 million for assistance to Floridians. $10 million has been reserved for payment of operational expenses.
Rental Assistance for Affordable Rental Housing Tenants
$120 million has been provided and is being aimed at providing short term rental assistance for families residing in affordable housing that have been impacted by COVID-19. It is to be administered by the Florida Housing Finance Corporation (FHFC) and will directly assist the affordable housing properties in FHFC’s portfolio. FHFC will be reimbursing any property that subsidizes eligible household’s rental payments for each impacted month. These funds will be available to help pay a household’s rent starting in July 2020 through December 2020. Households may be eligible for assistance to pay rent arrearages that had accrued during the months of April, May, and June 2020.
Funds for Rent and Mortgage Assistance Programs
A separate pool of $120 million will be released to various counties, with the amount based on a county’s reemployment assistance rate for the determined disbursement period. These funds are planned to be used to provide assistance to rental and homeowners assistance programs such as mortgage buydowns, rehabilitation, new construction, down payment and closing cost assistance, emergency repairs and homeownership counseling for individuals and families impacted by COVID-19. These funds include $200,000 to be set aside for technical assistance for local governments.
Funds to assist with the operation of administrative costs
A one-time allocation of $2 million is planned to be provided for the payment to assist regarding past and future special needs developments in Florida communities. Specifically, the governor outlines examples as additional staffing, security, and supplies directly related to COVID-19. The allocation for each development will be based on each development’s total number of units.
An additional $8 million has been provided to pay for expected administrative costs, including credit underwriting, disbursement review and processing, compliance monitoring, and technical assistance. Funds not used are planned to be added to the rental assistance or operations assistance for special needs developments.
Applying to receive funds
For more information on applying to receive these funds, visit the FHFC’s website at floridahousing.org.