At the end of last week, the Florida Housing Finance Corporation Board of Directors approved $117.3 million in loan funding to alleviate inflation-related cost increases for 30 affordable housing developments throughout the state.
A majority of the Construction Inflation Response Viability Funding comes from the Live Local Act. Gov. Ron DeSantis signed the Live Local Act into law on March 29, representing the largest investment for housing efforts in state history.
The Live Local Act included $100 million for Florida Housing to award funding through a competitive process to projects currently under development that demonstrate a verifiable financing gap related to market inflation. Additionally, Florida Housing chose to invest past program income into this new viability loan program to ensure maximum assistance could be provided. The awards will fund approximately 3,600 total housing units through 30 developments in 16 counties throughout the state.
“As the state’s housing agency, our primary goal is to ensure that hardworking Floridians have access to safe, quality and affordable housing,” said Mike DiNapoli, the executive director of Florida Housing Finance Corporation. “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.”
This new funding follows in the footsteps of the 2022 Construction Housing Inflation Response Program (CHIRP) which was created by Florida Housing in response to feedback from developers that rising costs were significantly impacting construction efforts. CHIRP funding was awarded to 65 developments and maintained the viability of more than 4,000 new affordable units throughout Florida in that funding cycle.
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