On March 4, the Florida Housing Finance Corporation (Florida Housing) will relaunch the Florida Hardest-Hit Fund Down Payment Assistance Program (HHF-DPA) in five approved counties.
Florida Housing relaunches first-time home-buyer product
This federal program was originally implemented to prevent foreclosures by stimulating home purchase activity and stabilizing neighborhoods in some counties that demonstrated high levels on housing market distress.
HHF-DPA provides as much as $15,000 in down payment and closing cost aid to eligible first-time homebuyers as well as being forgivable over five years. Florida Housing has successfully disbursed 100% of the over $1 billion in HHF program funds allocated by the U.S. Department of Treasury two years in front of schedule and is now using approximately $20 million in repayments of HHF program loans to help additional Floridians.
Previously, HHF-DPA was offered in 11 Florida counties. For the relaunch, Florida Housing used the latest market data to conduct a Treasury-mandated assessment of lingering adverse effects in local housing markets. Based on this assessment, Florida Housing can assist eligible first-time home-buyers in Clay, Duval, Hillsborough, Osceola and Pasco counties.
“Statistics show that foreclosures have drastically decreased in Florida and that our state has recovered from the housing crisis,” said Trey Price, executive director of Florida Housing. “This funding will further assist with the continued stabilization of recovering, distressed neighborhoods.”
As of Jan. 31, 52,742 Florida families have obtained assistance through HHF programs and over 20,000 received down payment and closing cost assistance through HHF-DPA. It is estimated that approximately 1,500 eligible first-time home-buyers will likely be assisted using this additional funding.
First announced on Feb. 19, 2010, by the U.S. Department of the Treasury, the Housing Finance Agency (HFA) Innovation Fund for the Hardest-Hit Housing Markets (HFA Hardest-Hit Fund) provides federal funding to states hardest hit by the aftermath of the burst of the housing bubble. Funding was allocated to 18 states and the District of Columbia.
Florida Housing was developed by the Legislature more than 35 years ago. It is the state’s housing finance agency (HFA) that administers state and federal resources to assist provide affordable home-ownership and rental housing choices for the citizens of Florida. To find out more, visit floridahousing.org.
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