The Real Deal Miami

Florida’s Hardest Hit program about to reopen

State to start receiving online applications for next round of funding on Thursday
May 13, 2014 01:30PM

underwaterThe state is about to reopen its $350 million mortgage reduction program.

Florida housing officials announced that online applications for the next round of the Hardest Hit Fund Principal Reduction Program can be submitted starting on Thursday. The initiative was launched in September 2013, but officials stopped accepting applications after reaching the program’s 25,000 limit in just one week. To date, the state has awarded $102 million in principal reduction funds to 2,400 borrowers through the program.

Hardest Hit provides up to $50,000 for borrowers who owe at least 125 percent more than their homes are worth, according to the Sun-Sentinel. The loan must have been obtained before 2010 to be eligible for a reduction. The total household income for applicants must be less than 140 percent of the area median income. [Sun-Sentinel]Eric Kalis