PANAMA CITY, Fla. — Governor Ron DeSantis has announced the relaunch of the Hurricane Michael Recovery Loan Program to assist those who were impacted by the Category 5 hurricane in 2018.
The homeownership program will provide $10 million in down payment assistance (DPA) to Floridians in the following impacted counties: Bay, Calhoun, Franklin, Gadsden, Gulf, Holmes, Jackson, Liberty, Taylor, Wakulla and Washington.
“This $10 million will help over 660 families purchase homes,” said Governor DeSantis. “I was proud to support this program last legislative session and pleased it was included in the state budget I signed in June. I’d like to thank our Northwest Florida legislative delegation for their efforts in getting this critical funding across the finish line for their constituents.”
The program will be administered by the Florida Housing Finance Corporation (Florida Housing).
“Florida Housing thanks Governor DeSantis and the legislature for providing these important housing resources,” said Florida Housing Finance Corporation Executive Director Trey Price. “We were very successful in allocating $5 million for down payment assistance here in 2019 for more than 335 households and are thrilled to see this relaunch effort to assist the area again.
Expected to launch September 1, the Hurricane Michael Recovery Loan Program will offer below market 30-year fixed rate first mortgages coupled with up to $15,000 in down payment (DPA) and closing cost assistance for qualified homebuyers.
DPA loans will be zero percent interest, non-amortizing and forgivable at 20 percent per year over five years. The DPA loan is fully forgivable if an active duty serviceperson is officially reassigned and must sell the home.
Additionally, those eligible do not have to be a first-time homebuyer to qualify for this program, though the home must be owner-occupied.
Interested homebuyers should contact one of Florida Housing’s Participating Lenders to start the process.
This information can be found in the Homebuyer Loan Wizard on Florida Housing’s website at www.floridahousing.org.