Home Ownership Pool (HOP)
State Apartment Incentive Loan (SAIL)
Community Workforce Housing Initiative Program (CWHIP)
Housing Tax Credits (HTC) for Multi-Family New Construction
For more information visit the
Florida Housing Finance Corporation web site
The State Housing Initiatives Partnership (SHIP) Program provides funds
collected from local documentary stamp revenues. Eligible applicants (non-profit
and for profit agencies) may use the money for any of the following as
incentives to produce and/or preserve affordable home ownership and multifamily
rental housing:
- acquisition
- rehabilitation
- down payment assistance
- housing repair
- foreclosure intervention
- new construction
- disaster mitigation/recovery
Other program facts:
a minimum of 65% of funds must be
spent on eligible home ownership activities
a minimum of 75% of funds must be spent on eligible construction activities
at least 30% of the funds must be reserved for very-low-income households (up to
50% of median income)
an additional 30% of the funds may be reserved for low-income households (up to
80% of median income)
remaining funds may be reserved for moderate-income households (up to120% of
median income)
funds may not be used to assist mobile or manufactured homes with the a limited
exception
Loan/Grant Terms:
dependent on the project specifics
can be amortized up to 40 years
may have a simple interest rate of 0% - 4%
for rental units, the owner must agree to set aside units for affordable housing
for terms specified in the agreement.
maximum purchase price cannot exceed 95 percent of area median purchase price.
Application Process:
Request for Proposals (RFP's) will be published in annually. If interested in
receiving notification of RFP's please contact us.
Please note: The Hillsborough County Affordable Housing Office has a separate
SHIP program for Affordable Housing.
More to follow tomorrow...
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