State to relaunch Hurricane Michael Homebuyer Program
Gov. Ron DeSantis announced Monday the relaunch of the Hurricane Michael Recovery Loan Program to assist those who were impacted by the Category 5 hurricane in 2018.
Administered by the Florida Housing Finance Corporation (Florida Housing), the homeownership program will provide $10 million in downpayment assistance (DPA) to Floridians in the following impacted counties: Gulf, Bay, Calhoun, Franklin, Gadsden, Holmes, Jackson, Liberty, Taylor, Wakulla and Washington.
“This $10 million will help over 660 families purchase homes,” said Governor DeSantis. “I was proud to support this program last legislative session and pleased it was included in the state budget I signed in June. I’d like to thank our Northwest Florida legislative delegation for their efforts in getting this critical funding across the finish line for their constituents.”
Expected to launch Sept. 1, the Hurricane Michael Recovery Loan Program will offer below market 30-year fixed rate first mortgages coupled with up to $15,000 in down payment (DPA) and closing cost assistance for qualified homebuyers. DPA loans will be zero percent interest, non-amortizing and forgivable at 20 percent per year over five years. The DPA loan is fully forgivable if an active duty serviceperson is officially reassigned and must sell the home.
“Florida Housing thanks Governor DeSantis and the legislature for providing these important housing resources,” said Florida Housing Finance Corporation Executive Director Trey Price. “We were very successful in allocating $5 million for downpayment assistance here in 2019 for more than 335 households and are thrilled to see this relaunch effort to assist the area again.”
Additionally, those eligible do not have to be a first-time homebuyer to qualify for this program, though the home must be owner-occupied. Interested homebuyers should contact one of Florida Housing’s Participating Lenders to start the process.
“It is an honor to work alongside Governor DeSantis, my colleagues in the Legislature and the Florida Housing Finance Corporation to provide safe, quality affordable housing for the people of Northwest Florida,” said Senator George Gainer.
“These homeownership and downpayment assistance programs will further assist in the rebuilding of these Panhandle communities, and we will continue to utilize available resources to ensure these areas fully recover. This is one of the many reminders that we have not been forgotten here in the panhandle and we deeply appreciate Governor DeSantis for his commitment that he has delivered.”
“It is an honor to fight for much-needed relief for Northwest Florida in the legislature,” said Representative Jay Trumbull. “I would like to thank Governor DeSantis for his steadfast support of our community. Witnessing the success of this project last year, I’m proud to stand here today announcing additional housing funds for individuals and households in my district. This timely appropriation will help our community rebuild after Hurricane Michael and continue to push us to greater prosperity.”
This information can be found in the Homebuyer Loan Wizard on Florida Housing’s website at www.floridahousing.org.