State Housing Initiative Partnership Program: $4,018,744
The Florida Housing Finance Corporation administers the State Housing Initiatives Partnership (SHIP) Program. SHIP funds are part of a dedicated revenue source (documentary stamp tax) for affordable housing and are distributed by the State of Florida to various local governments. Beneficiaries must be low and very low income households. There was no new allocation of funding for FY12 as the state of Florida did not fund the program. However, the County and entitlement communities did utilize money carried over from past funding cycles.
Multi-Family New Construction: $1,729,450
Residential Rehabilitation Single-Family: $1,430,927
Program Planning and Administration: $365,340
Purchase Assistance: $279,325
Removal of Architectural Barriers: $213,702
Housing Finance Authority of Broward County: $6,900,000
The Housing Finance Authority of Broward County (the “Authority”) was created by the Board of County Commissioners in June 1979. Its mission is to provide capital to alleviate the shortage of affordable housing for low and moderate-income families, promote economic development and be consistent with sound planning in the County.
Mortgage Credit Certificate (MCC) Program
The mortgage credit certificate (MCC) Program is a single-family bond program to assist person of low to moderate income housing to better afford individual ownership of housing. The MCC reduces the amount of federal income tax the borrower must pay, which in turn, up to $2,000 annually. This in turn frees up income the borrower can use to qualify for a mortgage.
The HFA partnered with approximately (20) twenty lenders participating in the MCC program. To date, the Authority has issued 135 MCC’s totaling approximately $6.9 million. The success of the Broward County HFA’s program acted as a catalyst for the rest of the State to start other MCC programs.
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