Florida Lawmakers Create a Fund for Affordable Housing for Hometown Heroes

State lawmakers in Tallahassee are looking to divert $100 million in affordable housing money to help “hometown heroes” like nurses, police officers and teachers pay their closing costs and down payments on new homes.

Under a plan agreed to by House and Senate budget negotiators, the money would come out of $209 million assigned to the State Housing Initiatives Partnership program, known as SHIP.

That program goes to cities and counties to establish affordable housing policies, including funding low-income homeowners’ emergency repairs, down payments and closing cost assistance, as well as construction and acquisition of property for affordable housing.  To learn more about the program visit www.hometownheroesprogram.org for more information.

Under the Legislature’s plan, nearly half of that money would go to a new “hometown heroes” program established by the Florida Housing Finance Corporation.

A proposed Senate bill this session would create a similar “hometown heroes” program for police, firefighters, 911 operators, teachers, paramedics, health care workers and home health aides. Under the bill, eligible participants would have to be first-time homebuyers whose family income does not exceed 150 percent of the state or local median income, whichever is greater.

That proposed program would have offered 0 percent interest rate loans for down payments and closing costs up to 5 percent or $25,000, whichever is less. The loans would have to be repaid when the property is sold, refinanced, rented or transferred.

The bill was passed in June of 2022 and to apply for the program visit www.hometownheroesprogram.org to get started.

Florida’s rents and housing costs have been soaring for years, and the problem has been compounded by decisions by the Legislature over the years to divert money to nonhousing-related issues.