Governor Ron DeSantis (R-FL) announced full funding for affordable and workforce housing programs. Unveiled in his Bolder, Brighter, Better Future Budget, the Governor recommends providing $387 million to the affordable housing trust funds – $119.8 million for the State Apartment Incentive Loan (SAIL) program and $267.2 million for the State Housing Initiative Partnership (SHIP) program.
The State Apartment Incentive Loan (SAIL) program provides gap loan financing to developers to leverage funding available under both the Multifamily Mortgage Revenue Bond and LIHTC programs, resulting in the full financing needed to construct affordable rental units for families and elders. These are low-interest loans awarded on a competitive basis to developers of affordable rental housing.
The State Housing Initiative Partnership (SHIP) program provides funds to local governments as an incentive to create partnerships that produce and preserve affordable homeownership and multifamily housing. The program is designed to serve very low-, low- and moderate-income families. The minimum allocation per county is $350,000 and may be used for strategies, such as rehabilitation, emergency repairs, down payment assistance, homeownership counseling, new construction (when permitted), closing cost assistance, impact fees and mortgage buy-downs.
