First announced on February 19, 2010, by the US Department of the
Treasury (Treasury), the “Housing Finance Agency (HFA) Innovation Fund for the
Hardest-Hit Housing Markets” (HFA Hardest-Hit Fund) provides federal funding to
states hardest hit by the aftermath of the burst of the housing bubble. To
date, $7.6 billion has been allocated to 18 states and the District of
Columbia; Florida’s share totals more than $1 billion.
The Florida Hardest-Hit Fund (HHF) Programs are as follows:
Unemployment and Mortgage
Unemployment Mortgage Assistance
Program (UMAP) will
provide up to 12 months of payments (with a cap of $24,000, whichever comes
first) paid directly to the mortgage lender to assist unemployed or
underemployed borrowers with their first mortgage. In addition, up to $18,000
can be paid to help satisfy all or some of any past due amounts owed to the
mortgage lender; this assistance will be paid prior to the UMAP payments
beginning and cannot exceed $18,000 total. Total assistance available is up to
Mortgage Loan Reinstatement Payment
(MLRP) Program will
be used as a one-time payment to the mortgage lender to help satisfy all or
some of any past due amounts owed on the first mortgage, only. This assistance
cannot exceed $25,000 total, and any past due amounts over and above the
$25,000 cannot be paid by the MLRP program and are the responsibility of the
Florida homeowners may apply for
either of these unemployment/mortgage reinstatement programs using the
web-based, online system at www.FLHardestHitHelp.org.
Downpayment Assistance Program
The Florida HHF
Down Payment Assistance (HHF-DPA) is designed to provide qualified
first-time homebuyers with up to $15,000 in down payment and closing costs
assistance. Currently, the program is available for prospective first-time
homebuyers wanting to purchase homes located in the following counties, only:
homebuyers, please click here to
be redirected to Florida Housing’s First Time Homebuyer Wizard for more program
information, income and purchase price limits, participating lenders and
Realtors® and additional qualifications.
The Florida HHF Principal
Reduction (HHF-PR) Program is designed to assist eligible homeowners by
providing up to $50,000 to reduce the principal balance of the first mortgage,
only, thereby reducing the loan-to-value (LTV) of the first mortgage to no less
than 100 percent.
Florida homeowners may apply for the
Florida HHF-PR Program using the web-based, online application system at www.PrincipalReductionFLHHF.org.
Reverse Mortgage Program
The Florida HHF Elderly Mortgage
Assistance Program (ELMORE) is designed to assist seniors who are in arrears
on their reverse mortgage (also known as a HECM—home equity conversion
mortgage) by providing up to $25,000 to pay past due and future property
charges, so that they may avoid foreclosure and can stay in their homes.
Florida homeowners with a reverse
mortgage may apply for the Florida ELMORE Program through the toll-free ELMORE
Application and Information Line at 1-(800) 601-3534. A live HECM-certified
ELMORE advisor will assist applicants with the process. The ELMORE website, www.FloridaELMORE.org, contains
important information regarding the program, including detailed eligibility
criteria and answers to frequently asked questions (FAQs).
Please be advised that the entities listed
below ARE NOT associated with or authorized to represent Florida Housing
Finance Corporation (Florida Housing) and/or the Florida Hardest-Hit Fund
(HHF). Application for any of the Florida HHF Programs is FREE-OF-CHARGE and
applicants will not be asked to pay for any eligibility determination services
in conjunction with applying for this financial assistance.
Mader Law Group
Attorneys Legal Network
The Law Center
KAT Capital Group, LLC
The following agencies are no longer
participating in the Hardest-Hit Fund program:
Reliance Financial, Inc.
Second Chance Help
Centers of America
here for Florida Housing's Hardest Hit Fund Reports