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Tampa Field Office
Timberlake Federal Building
500 E. Zack Street
Suite 402
Tampa , FL 33602-2945
Phone: (813) 228-2026
Fax: ( 813) 228-2431
TTY: (813) 228-2115
Section 202 Housing for the Elderly
The 202 program provides funding to expand the supply of housing with supportive services for elderly persons. Types of financing include Capital Advances and Project Rental Assistance for new construction and rehabilitation. Eligible occupants are those very low-income elderly persons 62 years of age or older.
Section 811 Supportive Housing for Persons with Disabilities
The 811 program provides funding to expand the supply of supportive housing for persons with disabilities. Types and uses of financing include Capital Advances, Project Rental Assistance , and Tenant-based Rental Assistance . Eligible applicants for this program are nonprofit organizations with a Section 501(c)(3) tax exemption and Public Housing Authorities (for tenant-based rental assistance). Development methods include new construction, rehabilitation, and acquisition of housing.
Section 202 and Section 811 applications can be made to the appropriate HUD State or Area Office in response to a Notice of Fund Availability published in the Federal Register, typically in the spring of each year.
Florida Housing Finance Corporation
227 N Bronough Street, Suite 5000
Tallahassee , FL 32301
(850) 488-4197
www.floridahousing.org
The Florida Housing Finance Corporation (FHFC) was created in 1980 as the Florida Housing Finance Agency. Its purpose is to finance affordable housing for very low, low, and moderate income persons and families. FHFC administers both rental programs and single family programs. In 1992 Florida enacted the William E. Sadowski Affordable Housing Act. The Act created a dedicated source of revenue for affordable housing that generates nearly $1 billion over 10 years. FHFC administers 96% of those funds. FHFC programs include:
State Apartment Incentive Loan (SAIL )
The SAIL program provides mortgage loans at low interest rates to for-profit or nonprofit developers who build or substantially rehabilitate rental projects which set aside at least 20 percent of the units for very low income tenants. Mixed income developments are preferred. Loans are limited to a maximum of 25 percent of the total development cost, with some exceptions for nonprofit developers who secure contributions from other sources or sponsors of housing to be occupied by commercial fishing workers or farm workers. Applications are competitive and there is a specific application period.
Housing Tax Credits
This program, administered by the State's Housing Finance Corporation, allows owners of rental properties to receive income tax credits for providing rental housing to low income households. Developments may qualify for tax credits if at least 20 percent of the units are occupied by households with incomes at or below 50 percent of area median, or if at least 40 percent of the units are occupied by households with incomes at or below 60 percent of the area median. These units must have rental rates that are affordable to tenants. The goal of the program is to provide affordable rental housing to very low income tenants in a mixed use setting by encouraging the private sector to build or rehabilitate apartments. The State has a specified amount of tax credit each year, which is awarded on a competitive basis to private developers. There is a ten percent set aside for nonprofit applicants. Because of the cost of syndication and other fees associated with the process, this program is most suitable for larger developments.
Predevelopment Loan Program
Funding is provided to local governments, housing authorities and nonprofit corporations for site acquisition and development of rental and owner-occupied housing for very low and low income families and farm workers. Funds are used for appraisals, site acquisition, site development and professional fees prior to the development of housing units.
HOME Rental Program
This program provides funds in direct proportion to the number of affordable units in a given project. For example, if 25 percent of the project is funded with HOME funds, then 25 percent of the units must be categorized as HOME assisted, affordable units. Projects must maintain HOME assisted units as affordable for a minimum of 5 to 15 years depending on the amount of HOME funds used for rehabilitation projects, and 20 years for new construction. HOME projects target households with incomes of 60 percent or less of the area median income.
Multifamily Mortgage Revenue Bond Program
The program targets households with incomes at or below 50 or 60 percent of the area median income. The program facilitates the production of multifamily rental housing with market-rate design and amenities, yet remains affordable due to below-market interest rate mortgages. Eligibility requirements include four or more dwelling units, a cap of $65,000 of state resources per unit, at least 20 percent of the units must be rented to households that earn 50 percent or less of the area median income or at least 40 percent of the units must be rented to households that earn 60 percent or less of the area median income.
Florida Affordable Housing Guarantee Fund
This program targets very low, low, and moderate income households. It serves to stimulate creative private-sector financing of affordable housing by providing funds for debt service only.
Housing Finance Authority of Pinellas County
The Housing Finance Authority was created in 1982 to assure that financing for affordable housing remains available to the residents of Pinellas County . Since financing the first apartment complex in 1983 the Authority has issued in excess of $186,000,000 in multifamily bonds, creating more than 4,300 units in 16 different communities. The HFA provides financing to either for-profit or non-profit developers experienced in developing affordable housing.
The HFA supports developments that meet established public policy criteria, including preservation of existing housing through substantial renovation, projects located in areas of the County with a shortage of affordable housing and projects marketed toward mixed income renters. Applications are available by contacting the HFA at 727-464-8210 for an application.
Community Development Block Grant Program
HUD provides funds on a formula basis to cities with populations of over 50,000 and to urban counties. The local government is responsible for developing its own program to meet its particular community development needs in compliance with federal regulations that specify eligible activities and national objectives. Although these funds cannot generally be used to construct new housing, they can support housing development for low and moderate income persons in a number of ways including financial assistance for the acquisition of land, predevelopment costs or the conversion of existing structures for residential use. Projects to be assisted under each program are determined during the Spring of each year. Local governments that administer Community Development Block Grant programs are:
St. Petersburg
(727) 893-4159
Clearwater
(727) 562-4030
Largo
(727) 587-6749
Pinellas County (unincorporated area and most smaller cities)
(727) 464-8210
Home Investment Partnership
The HOME program was created by the National Affordable Housing Act of 1990. It is a federally funded grant program that provides funds according to formula to local governments for a variety of housing activities. Activities may include acquisition, rehabilitation, new construction or rental assistance to tenants. All funds must be used to benefit qualifying tenants (with gross income not exceeding 60 percent of area median) or home owners or home buyers (with income not exceeding 80 percent of median). Local funds must be used to match HOME funds. There are requirements for long term affordability of units assisted through the HOME program. Local governments that administer the HOME program are:
Pinellas County Consortium (unincorporated area, Largo and most smaller cities)
(727) 464-8210
St. Petersburg
(727) 893-7247
State Housing Initiatives Partnership (SHIP) Program
The State Housing Initiatives Partnership program, known as SHIP, was created by the passage of the William E. Sadowski Affordable Housing Act of 1992. Funds for SHIP are generated from a percentage of the documentary tax on deeds and are distributed to qualifying counties and municipalities. The intent of the SHIP program is the creation of affordable housing through public-private partnerships. Local governments receiving SHIP funds must prepare a plan indicating how these funds will be used. Funds may provide home ownership or rental opportunities for low and moderate income households, but at least 75% of the funds must be used to support construction or rehabilitation. Other restrictions, including long-term affordability provisions, apply. Local governments receiving SHIP funds include:
Clearwater727) 562-4030
Largo ( (727) 587-6749
Pinellas County (727) 464-8210
St. Petersburg(727) 893-7247
First Housing Development Corporation
1715 N. Westshore Blvd, Suite 375
Tampa , FL 33607
(813) 289-9410
www.firsthousingfl.com
A group of financial institutions have pooled resources to create an affordable housing lending pool to finance multifamily housing in Florida . The purpose of this program is to provide first mortgage loans for projects that have received other support, such as a federal, state or local grant or loan, to create affordable housing units. Borrowers may be individuals, corporations, general or limited partnerships or nonprofit corporations. Loans are expected to be within the range of $1,000,000 to $3,000,000. Loan terms range from 5 to 15 years; however only projects with Low Income Housing Tax Credit allocations will be eligible for 15 year terms.
Federal Home Loan Bank
Community Investment Services Department
P.O. Box 105565
Atlanta , GA 30348-5565
(404) 888-8000 or 800-536-9650
Funds are made available for the Affordable Housing Loan Program on a competitive application basis at very attractive rates to member institutions who meet borrowing criteria for specific housing programs. Eligible projects may be acquisition, new construction or rehabilitation for rental housing or home ownership. A minimum of 20 percent of the units must be available at affordable rates to very low income persons or 40 percent of the units must be available to persons with incomes no greater than 60 percent of the area's median. Project sponsors must work with an eligible lending institution which will submit the application. There are two application periods each year. Interested project sponsors may contact the Federal Home Loan Bank Board for the names of eligible lending institutions.
Neighborhood Lending Partners
2002 N. Lois Avenue, Suite 150
Tampa , FL 33607
(813) 879-4525
www.nlp-inc.com
Neighborhood Lending Partners provides financing for multi-family housing. It is designed as a nonprofit mortgage banking corporation whose member financial institutions pool resources and share risks to finance affordable housing. Each member participates in the loan pool, and in each loan, in proportion to its size.
All loans funded must meet basic criteria of affordability, economic viability and security for the members. Affordability is defined as a household not paying more than 30% of its income for housing. Affordability will remain in effect for the term of the loan. Neighborhood Lending Partners requires that a certain number of units in -financed projects be reserved for lower income households. In addition, priority is given to projects which serve special needs populations and which provide for continuing affordability beyond the term of Neighborhood Lending Partners' loan.
Florida Community Loan Fund
3107 Edgewater Drive, Suite 2
Orlando , FL 32804
(888) 578-2030
www.fclf.org
The Florida Community Loan Fund makes loans to non-profit organizations involved in affordable housing, economic development, and social services in low-income communities throughout Florida . The Loan Fund accepts applications on an ongoing basis. The application fee is $150 - $250 depending on project: a 1 - 2% origination fee, depending on project, is due at closing. The Florida Community Loan Fund Lending Committee and Board of Directors must approve all loan requests. Loan sizes range from $10,000 to $1,000,000. Loan lengths 7-10 years: the interest rate is below commercial prime at the time of loan closing. Collateral is required.
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