Florida Lawmakers Create a Fund for Affordable Housing for Hometown Heroes
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State lawmakers in Tallahassee are looking to divert $100 million in affordable housing money to help “hometown heroes” like nurses,police officers and teachers pay their closing costs and down payments on new homes.
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Under a plan agreed to by House and Senate budget negotiators,the money would come out of $209 million assigned to the State Housing Initiatives Partnership program, known as SHIP.
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That program goes to cities and counties to establish affordable housing policies,including funding low-income homeowners’ emergency repairs,down payments and closing cost assistance,as well as construction and acquisition of property for affordable housing. To learn more about the program visit - for more information.
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Under the Legislature’s plan,nearly half of that money would go to a new “hometown heroes” program established by the Florida Housing Finance Corporation.
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A proposed Senate bill this session would create a similar “hometown heroes” program for police,firefighters,911 operators,teachers,paramedics,health care workers and home health aides. Under the bill,eligible participants would have to be first-time homebuyers whose family income does not exceed 150 percent of the state or local median income,whichever is greater.
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That proposed program would have offered 0 percent interest rate loans for down payments and closing costs up to 5 percent or $25,000,whichever is less. The loans would have to be repaid when the property is sold,refinanced,rented or transferred.
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The bill was passed in June of 2022 and to apply for the program visit - to get started.
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Florida’s rents and housing costs have been soaring for years,and the problem has been compounded by decisions by the Legislature over the years to divert money to nonhousing-related issues.
