Florida Housing says Live Local rental funds committed to 3,171 units; Hometown Heroes helped 21,000 buyers

Florida Housing Finance Corporation officials told the Senate Committee on Community Affairs on Tuesday that the Live Local Act’s rental and homeownership programs are now in active use across the state.

Marissa Button, managing director of strategic initiatives at the corporation, said the agency has fully committed the $150 million allocated for rental projects through the SAIL component of Live Local to 23 developments totaling 3,171 units. She said the state subsidy averages about $47,000 per unit and roughly $6.5 million per development, though actual awards vary by project size and needs.

“The Live Local Act has allowed us to reach additional mixed income AMIs,” Button said, describing SAIL-funded projects as mixed‑income developments that include units targeted at a range of area median income (AMI) bands. She said projects include very-low and extremely-low income set‑asides as well as workforce‑AMI units and some unrestricted market units, depending on the application.

Why it matters: the SAIL awards are intended to fill part of the capital stack for multifamily developments and to attract private and federal investment. Committee members pressed Florida Housing on where the projects are located and how awards were decided.

Button said the agency used competitive requests for applications (RFAs) keyed to legislative criteria—such as redevelopment, use of publicly owned land, youth aging out of foster care, rural areas of opportunity, and proximity to military installations—and that solicitations were oversubscribed. She said the agency used multiple separate RFAs to hit specific goals and that projects were scored and ranked against the statutory criteria.

Senator Stan McLean, the committee chair, and other members asked for geographic detail; Button said the agency’s dashboard and application reports identify funded projects by county and that Miami‑Dade developments were among those funded.

David Wescott, managing director of homeownership programs, summarized Live Local’s Hometown Heroes down‑payment and closing cost assistance program. He said Hometown Heroes has provided about $331 million in assistance and helped more than 21,000 families purchase homes (figures through Dec. 31 of the reported year), leveraging roughly $6.5 billion in first mortgages.

Wescott described the program’s statutory terms: Hometown Heroes provides an assistance loan equal to 5% of the first mortgage (minimum $10,000, maximum $35,000), structured as a 0% interest, 30‑year loan with no monthly payments that becomes due on sale, refinance or non‑owner occupancy. He said eligible borrowers must be first‑time homebuyers except for an exception for active‑duty military and veterans, must work for a Florida‑based employer and meet income limits set at up to 150% of AMI.

Wescott said about 230 lending institutions participate and that the program’s funds are in high demand: the most recent appropriation was reserved in 51 days. He said repayments to the program have been limited so far—roughly $3–4 million returned to date—which he attributed to prepayment speeds and mortgage market conditions.

Committee members raised concerns about displacement tied to redevelopment. Senator Rosalyn Osgood and others described constituent reports of tenants moved into smaller units or hotels during redevelopment. Button said project approvals require a tenant relocation plan from owners and that the agency would follow up with senators to review relocation arrangements for specific projects.

A few members questioned data language and sources. Senator Randy Fine disputed a presentation line about “median” statistics; Button attributed the numbers to the University of Florida Shimberg Center for Housing Studies and offered to follow up with the underlying methodology.

Button also described tax and non‑grant incentives enacted in Live Local: a local tax credit contribution program (businesses may contribute corporate or insurance premium tax liability in exchange for awards that fund developments of regional impact), a sales‑tax rebate on building materials used for affordable housing, and expanded ad valorem tax exemptions tied to long‑term affordability covenants. She said the initial $50 million round of the tax credit contribution program was fully reserved and the agency is preparing the second $50 million allocation.

What remains open: senators asked for county‑level reports and slide decks for their districts (Button and Wescott agreed to provide data). Multiple members pressed Florida Housing for more detail on how displacement is avoided during redevelopment, how projects’ AMI mix was calculated and how applicants were scored. Button and Wescott said competitive solicitations, underwriting and tenant relocation plans are the primary tools and that they would provide follow‑up materials to the committee.

Ending: The presentation closed with committee members thanking Florida Housing and asking staff to provide the dashboard and district‑specific slides outside the meeting. No committee votes or formal actions were taken during the presentation.