Florida's inventory of affordable multifamily rental properties is continually at risk. The loss of these properties can mean a permanent loss of federal housing subsidies to Florida. Properties are often at risk due to factors such as the age of a property, deterioration over time, and in some economic markets the threat of being converted to other "higher and best uses" by developer owners. When this happens, it means low-income families have potentially fewer options for affordable rental housing.
In 2008 the Florida Housing Finance Corporation, with direction from the Florida State Legislature, established a pilot demonstration program to help preserve affordable rental housing in Orange, Palm Beach, and Pasco Counties. Florida Community Loan Fund (FCLF) was selected as administrator of the Florida Preservation Fund (FPF).
In 2011, the FPF Program was expanded to 26 Florida counties thanks to support from JPMorgan Chase Foundation. Since that time, FCLF has expanded Preservation funding to any elgible multifamily housing development.
What projects are eligible for FPF?
- Multifamily housing in need of major renovations
- At risk of losing federal project-based rental assistance
- Majority of units set aside for individuals or families with income at 50% or less of AMI
- or, All units set aside for individuals or families with income at less than 80% of AMI
You can find more about the specific FPF program guidelines at our Downloads & Resources page.
Meet our Borrowers through the FPF and see the impact that has been made through this program.