The State Apartment Incentive Loan program (SAIL) provides low-interest loans on
a competitive basis to affordable housing developers each year. This money
often serves to bridge the gap between the development's primary financing and
the total cost of the development. SAIL dollars are available to individuals,
public entities, not-for-profit or for-profit organizations that propose the
construction or substantial rehabilitation of multifamily units affordable to
very low income individuals and families.
A minimum of 20 percent of the development's units must be set aside for families
earning 50 percent or less of the area median income. Developments that use
housing credits in conjunction with this program may use a minimum set-aside of
40 percent of the units for residents earning 60 percent of the area median
income. Developments in the Florida Keys Area may use a minimum set-aside of
100 percent of the units for residents with annual household incomes below 120
percent of the state or local median income, which ever is higher.
Loan interest rates are set at zero percent for those developments that
maintain 80 percent of their occupancy for farmworkers, commercial fishing
workers or homeless people. The interest rates are set at one percent for
all other developments. Loans are issued for a maximum of 15 years unless
housing credit syndication requirements or FannieMae requirements dictate
longer terms or if the Corporation's encumbrance is subordinate to the lien of
another mortgage, in which case the term may be made coterminus with the
longest term of the superior loan. In most cases, the SAIL loan cannot exceed
25 percent of the total development cost and can be used in conjunction with
other state and federal programs.
Eligible applicants should apply for funding through the Universal Application
Cycle or contact our office for further information. This program is governed
by Rule 67-48 of the Florida Administrative Code.