ITP 2026-218 Financing for Preserving Developments in the Corporation Portfolio
Forecasted
ITP 2026-218 Financing for Preserving Developments in the Corporation Portfolio would support owners with rehabilitation and affordability-extension financing to preserve affordable housing.
Funder: Florida Housing Finance Corporation
Due Dates (Anticipated): December 2026 (Notice of Interest)
Funding Amounts: Up to $20 million reserved; proposed maximum of $2,500,000 per development or $50,000 per unit
Summary: Financing to preserve developments in Florida Housing’s portfolio whose affordability periods are nearing expiration and risk converting to market-rate housing.
Key Information: Proposed rehabilitation funding requires a 15-year affordability extension and at least a 10% rent advantage.
Description
Florida Housing Finance Corporation is developing a preservation initiative for developments in its portfolio whose affordability periods will expire within the next 5–10 years and that are at risk of converting to market-rate housing. Its Board of Directors authorized staff to use up to $20 million in reserved funding for this purpose. The initiative concerns housing preservation financing, rather than research funding.
The conceptual framework includes extending affordability through set-aside negotiations, providing new financing for light rehabilitation, and considering whether the pilot program can serve owners pursuing resyndication that requires gap financing. Florida Housing is seeking stakeholder feedback to develop the program’s logistics. The rehabilitation amounts, loan terms, eligibility requirements, and participation process described below are proposed.
