Workforce Affordable Rental New Construction Program
Workforce Affordable Rental New Construction: $25 Million Keyswide
The Workforce Affordable Rental New Construction Program will facilitate the creation of quality, resilient affordable housing units to help address the shortage of housing caused by the storms in the most impacted areas of the state.
DEO will work with the Florida Housing Finance Corporation (FHFC) to leverage CDBG-DR funds with low-income housing tax credits (LIHTC), with or without tax-exempt bond financing for larger multi-family developments. It also will use stand-alone CDBG-DR funds as zero-interest loans to create smaller, multi-family developments.
Funds will be awarded through a competitive process to qualified developers to support new construction and may include the re-development of uninhabitable dwellings.
The Florida Housing Finance Corporation is soliciting Request for Applications to construct workforce housing with $10 million to acquire land and $25 million to build the housing. Land acquired using CDBG-DR funding will remain affordable in perpetuity. The application cycle closes on August 6, 2019. For additional information go to FHFC Request for Applications.
Land Acquisition for Affordable Workforce Housing: $10 Million Keyswide
DEO will manage a program that will provide funding to purchase land for the development of affordable housing.
This program will target areas of the state where scarcity of land increases the cost and makes it difficult to develop properties that can be rented at an affordable rate for the community’s workforce.
Monroe County is in the process of identifying vulnerable properties with owners interested in selling their impacted lands to reduce future loss.