Florida – Under Governor Ron DeSantis, and in collaboration with the Florida Legislature, and careful monitoring by the Florida Housing Board of Directors, the Florida Housing Finance Corporation (Florida Housing) proudly highlights a year of significant successes in the housing industry in 2024. This group effort has produced creative ideas and significant financial assistance meant to help Florida citizens have more affordable homes.
Securing a significant sum of $508 million, Governor Ron DeSantis guaranteed the complete financing for the state’s affordable housing trust funds for the sixth straight year in what appears to be a historic move. Senate Bill 328, the most important piece of legislation this year, not only kept support for Florida families but also included major steps to protect these resources from abuse, so extending the range of available homes, down payment help, and creative housing options.
Among the funds were $234 million set aside for the SAIL program, which offers low-interest loans to developers building workforce housing. Targeting the construction of affordable rental homes for Florida’s military communities and workforce, the Live Local SAIL program received $150 million within this allotment. The SHIP program also got $174 million to encourage developers and local governments to either build new homes or maintain existing ones.
Through several initiatives run by Florida Housing, 2024 also witnessed amazing successes in homeownership. With financial benefits ranging from nearly $3.1 billion in first mortgages to $129 million in down payment and closing cost assistance, the Homebuyer Loan Program effectively helped 10,638 families acquire their first homes.
Launched with additional $100 million on July 1st, the Hometown Heroes Housing Program rapidly ran out of money by August 20, proving the great demand and success of the project. The initiative benefited 7,768 homes in 2024 alone, generating over $2.4 billion in first mortgage volume and $124 million in down payment and closing cost assistance.
Moreover, the HOME program, known for offering non-amortizing, low-interest loans to developers of affordable housing, financed the construction of 105 affordable units with more than $24.2 million in HOME loans. Florida Housing closed four Community Development Block Grant – Disaster Recovery (CDBG-DR) loans in cooperation with the Rebuild Florida program of the Department of Commerce, therefore accumulating $6.15 million to support a total of 120 units.
Reflecting a strong commitment to improve the state’s housing inventory, Florida Housing granted developments totaling 9,084 units under different loans, bonds, grants, and housing credit allocation on the multifamily and rental housing front. Among these were $70.9 million in 9% Housing Credits, $134 million in SAIL funding, and $186.6 million in Live Local SAIL funding.
Moody’s Ratings improved Florida Housing’s issuer rating from A1 Stable to A1 Positive, therefore strengthening its financial stability and operational reputation. This update emphasizes the efficient management and strategic planning that support Florida Housing’s operations by confirming its great performance and low risk profile.
Supported by state leadership, these achievements highlight a year of committed effort and strategic investment by Florida Housing to not only increase housing options but also guarantee that Florida’s towns remain vibrant and easily accessible areas to live. Florida Housing thanks Governor DeSantis and the Florida Legislature for their unwavering support and dedication to provide affordable homes throughout the entire state.
More details about all the achievements can be found here.
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