Florida workforce housing program releases $5 million in funding

TALLAHASSEE, Fla. – July 1, 2008 – Florida Housing Finance Corporation, the state arm that funds workforce housing, released $5 million in funding this morning under its $10 million-dollar Homeownership Pool (HOP) Program. This funding is made available to eligible homebuyers, divided into two releases of $5 million each. The second $5 million will be distributed in January 2009.

Funding will be awarded in accordance with Rule Chapter 67-57 (http://www.floridahousing.org/Home/BusinessLegal/Rules/67-57.htm), Florida Administrative Code (F.A.C.), and will be split among the following set-asides:

20% – Community Housing Development Organizations (CHDOs)
10% – Self-Help Housing
45% – Non-Participating Jurisdictions (Non-PJs)
25% – Participating Jurisdictions (PJs)

The Florida Housing, created by the Florida Legislature more than 25 years ago, began the HOP Program to enhance the ability of developers to match qualified homebuyers with purchase assistance. HOP is a noncompetitive and on-going program where developers, by way of an online system, can reserve funds for eligible homebuyers to provide purchase assistance on a first-come, first-served basis.

For more information, visit Florida Housing’s Web site at: http://www.floridahousing.org/Home/Developers/HomeownershipPrograms/HOP/

© 2008 FLORIDA ASSOCIATION OF REALTORS®

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