Florida Housing Finance Corporation approves $117.3 million in loan funding for affordable housing developments

by | Jun 12, 2023

  • The Florida Housing Finance Corporation (FHFC) approved $117.3 million in loan funding to address inflation-related cost increases in affordable housing developments across the state.
  • The funding is primarily sourced from the Live Local Act, a law signed by Gov. Ron DeSantis in March, which aims to increase the availability of affordable housing units in Florida.
  • The approved funding will support approximately 3,600 housing units across 30 developments in 16 counties.

The Florida Housing Finance Corporation (FHFC) Board of Directors approved $117.3 million in loan funding to address the inflation-related cost increases affecting 30 affordable housing developments across the state.

The majority of the funding comes from the Live Local Act, a law signed by Gov. Ron DeSantis in March, which overhauled the state’s affordable housing programs and bolstered trust funds with hundreds of millions aimed at quickly bringing more affordable housing units onto the Florida market, representing the largest investment in the history of housing efforts in Florida.

Under the Live Local Act, $100 million was allocated to FHFC for distribution to award funding through a competitive process to projects currently under development that demonstrate a verifiable financing gap related to market inflation.

To maximize assistance, Florida Housing also utilized past program income for this new viability loan program. The approved funding will support approximately 3,600 housing units across 30 developments in 16 counties statewide.

“This funding helps bridge the financial gap for projects who have already been awarded assistance from Florida Housing so they can continue development as planned and deliver these units to their communities,” said Mike DiNapoli, Executive Director of FHFC.

This funding initiative follows the creation of the 2022 Construction Housing Inflation Response Program (CHIRP). CHIRP was established in response to feedback from developers regarding rising construction costs. The program awarded funds to 65 developments, preserving the viability of over 4,000 new affordable housing units in the previous funding cycle.

A deep-dive data analysis of Florida’s ongoing affordable housing crisis, issued jointly this week by the Florida Policy Project, founded by former Republican State Senator Jeff Brandes, in cooperation with Florida State University’s DeVoe Policy Center, found that the state’s current zoning framework significantly contributes to the state’s affordable housing crisis by restricting the organic growth and adaptation of communities to changing housing demands.

The report highlights “upzoning” as a potential solution, a practice that allows residential density to increase naturally as neighborhoods evolve to accommodate higher densities. This strategy involves lifting restrictions on housing types and enabling the division of existing parcels, thus potentially allowing for the creation of hundreds of thousands of new housing units.

Data highlighted in the report show a steep increase in median home prices, rising from under $300,000 in 2015 to over $450,000 in 2022. Meanwhile, median household income has dropped from $66,856 in 2019 to $59,734 in 2021. The combination of rising housing costs and falling incomes has pushed homeownership further out of reach for many Floridians.


  1. Ada

    This is a very good project to make real estate a little cheaper for those who need it so much. It’s a pity that they don’t do anything like this for small businesses, I have long wanted to do property management, and have even found a suitable property management system to do business more successfully

  2. William Freitag

    I appreciate the efforts made by the Florida Housing Finance Corporation in approving $117.3 million in loan funding for affordable housing developments. It’s crucial to prioritize affordable housing initiatives and ensure that everyone has access to safe and affordable homes.
    As someone who understands the importance of financial assistance, I can empathize with the individuals and families who are in need of affordable housing options. It’s heartening to see organizations taking proactive steps to address this issue.
    For those who are in immediate need of financial support, exploring options like affordable housing loans can be a great solution. It’s reassuring to know that there are resources available to help individuals and families secure the housing they deserve. If you find yourself in a situation where you require financial assistance, there are reputable platforms where I can borrow money asap and access the funds you need as soon as possible.
    Let’s continue to support initiatives that prioritize affordable housing and work towards ensuring that everyone has a place they can call home. Together, we can make a positive difference in our communities.

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