DeSantis announces $250M rental, mortgage assistance fund

$120M will be set aside for tenants in Florida Housing Finance Corp. properties

TRD MIAMI /
Jun.June 26, 2020 04:10 PM
Photo illustration of Ron DeSantis (Getty, iStock)

Photo illustration of Ron DeSantis (Getty, iStock)

Florida Gov. Ron DeSantis announced the state will tap $250 million in CARES Act funding for rental and mortgage assistance due to Covid-19.

The announcement comes about a week before the state’s moratorium on evictions and foreclosures is expected to end. The executive order gives homeowners and renters time in their homes if they can’t make their mortgage or rent payments due to the pandemic, but it does not provide financial relief to renters and homeowners. As a result, industry sources say there will be a backlog of evictions and foreclosures come July.

Florida Housing Finance Corp. will administer a $120 million funding pool of the $250 million, in the form of short-term rental assistance for Covid-19 impacted households who live in affordable housing rentals in FHFC’s portfolio.

Qualified renters would be able to tap the fund for rent between July and December, and may be able to secure assistance for payments that were due in April through June.

A separate $120 million fund will be for rental and homeowner assistance programs, including for new construction, rehabilitation, mortgage buydowns, down payment and closing cost assistance, emergency repairs and homeownership counseling for individuals impacted by the pandemic.

Up to $10 million of the $250 million will be set aside for expected operating costs of the assistance programs. And about $200,000 will be set aside for technical assistance to local municipalities.

Some cities within South Florida have rolled out similar programs, such as the city of Miami and Miami Beach. Miami Beach created a $550,000 rent relief fund in May, using state and federal money from three programs, including the CARE Act.


Related Articles

arrow_forward_ios
Paseo de la Riviera and Brent Reynolds

Developer completes $225M Paseo de la Riviera mixed-use project

Developer completes $225M Paseo de la Riviera mixed-use project
Vizcaya Museum and Gardens and Joel Hoffman (Credit: Robin Hill)

Vizcaya needs money to operate, launches $1M fundraising campaign

Vizcaya needs money to operate, launches $1M fundraising campaign
Map of priciest condo sales and Bayview Fisher Island (Credit: Google Maps)

Weekly condo sales fall again in early August

Weekly condo sales fall again in early August
David Edelstein, George Gleason and 918-920 Lincoln Road (Google Maps)

Bank OZK seeks to foreclose on David Edelstein’s Lincoln Road buildings

Bank OZK seeks to foreclose on David Edelstein’s Lincoln Road buildings
South Florida Resi Contracts Up in July (Credit: iStock)

South Florida resi contracts continued to rise in July

South Florida resi contracts continued to rise in July
WeWork Lincoln Road with Sandeep Mathrani (Google Maps, WeWork)

WeWork’s Lincoln Road landlord seeks $20M in unpaid rent

WeWork’s Lincoln Road landlord seeks $20M in unpaid rent
Matthew Kramer, Victor Petrescu, Sebastian Jaramillo and Gov. Ron DeSantis (Getty, iStock) 

Florida’s piecemeal extension of foreclosure, eviction ban “better than nothing, but only deferring the inevitable”

Florida’s piecemeal extension of foreclosure, eviction ban “better than nothing, but only deferring the inevitable”
Antonio Sersale and Nadim Ashi, with Le Sirenuse at the Surf Club (Credit: Google Maps and Jacopo Raule/Getty Images)

Arrivederci: Le Sirenuse at The Surf Club shutters permanently due to coronavirus

Arrivederci: Le Sirenuse at The Surf Club shutters permanently due to coronavirus
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...