DeSantis announces $250M rental, mortgage assistance fund

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

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
Daisy Chaplin and Charles Prince with the property at 6000 North Bay Road (Getty, Google Maps)
Late Broadway legend Harold Prince’s children settle dispute over family’s North Bay Road mansion
Late Broadway legend Harold Prince’s children settle dispute over family’s North Bay Road mansion
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
The Variety Hotel (Getty)
Lender acquires Variety Hotel in Miami Beach following foreclosure suit
Lender acquires Variety Hotel in Miami Beach following foreclosure suit
Branden Muhl, James Vosotas and Hotel Greystone at 1920 Collins Avenue, Miami Beach (Google Maps, Mahaska, Trans Inns)
Hotel Greystone to reopen in September amid partnership break-up
Hotel Greystone to reopen in September amid partnership break-up
Grand Hotel Fort Lauderdale and Sheridan Capital's Aaron Kurlansky (Facebook via Fort Lauderdale Grand Hotel)
Fort Lauderdale hotel resolves foreclosure suit with $11M refi
Fort Lauderdale hotel resolves foreclosure suit with $11M refi
Partnership gone wrong? Receiver takes over Miami Beach hotel following alleged hostile takeover by an ex-partner
Partnership gone wrong? Receiver takes over Miami Beach hotel following alleged hostile takeover by an ex-partner
Partnership gone wrong? Receiver takes over Miami Beach hotel following alleged hostile takeover by an ex-partner
Pedro Villar of Sunview Companies with the hotel (Marriott, LinkedIn via Villar)
Owner of Aloft Miami Brickell hotel files for bankruptcy
Owner of Aloft Miami Brickell hotel files for bankruptcy
The Holiday Inn at 340 Biscayne Boulevard in Miami and attorney Linda Worton Jackson
Bankruptcy could lead to redevelopment of downtown Miami Holiday Inn
Bankruptcy could lead to redevelopment of downtown Miami Holiday Inn
arrow_forward_ios

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

Loading...