ITP 2026-218 Financing for Preserving Developments in the Corporation Portfolio
Forecasted
ITP 2026-218 Financing for Preserving Developments in the Corporation Portfolio supports housing owners with proposed light rehabilitation financing to preserve affordability and reduce displacement risks.
Funder: Florida Housing Finance Corporation
Due Dates (Anticipated): December 2026 (Notice of Interest deadline, projected)
Funding Amounts: Up to $20 million total; proposed rehabilitation loans up to $2.5 million per development or $50,000 per unit
Summary: A preservation pilot supporting continued affordability and light rehabilitation of existing developments in Florida Housing’s portfolio.
Key Information: Proposed rehabilitation funding requires a 15-year affordability extension and at least a 10% rent advantage.
Description
Florida Housing Finance Corporation’s Preservation Pilot Program focuses on existing affordable housing developments in its portfolio whose affordability restrictions are approaching expiration. The proposed framework targets developments with affordability periods expiring through 2031, particularly where conversion to market rents could cause substantial rent increases or displacement. The Board authorized up to $20 million for this preservation effort.
The pilot explores three pathways: negotiating affordability extensions without new Florida Housing funding, financing light rehabilitation in exchange for extended affordability, and assessing interest in resyndication. Its design remains conceptual, with owner feedback and Notices of Interest helping determine the final approach. Beyond addressing immediate preservation needs, Florida Housing intends to use the pilot to identify barriers, test approaches, and inform its longer-term portfolio preservation strategy.
