Florida Housing Finance Corporation 2019 Homeownership Pool (POOL) Program


Florida Housing Finance Corporation’s Homeownership Pool (“HOP”) Program is designed to be a non-competitive and on-going program, with Developers reserving funds for eligible homebuyers to provide down payment assistance (DPA) to homebuyers on a first-come, first-served basis.

Eligible Participants:

The HOP Program will be made available to non-profit and for-profit organizations and the United States Department of Agriculture – Rural Development (USDA-RD).

HOP funds are available as DPA to homebuyers purchasing newly-constructed homes from HOP Member builders.

Eligible homebuyers, whose adjusted income does not exceed 80% AMI, receive a 0% deferred second mortgage loan for the lesser of $25,000 or the amount necessary to meet underwriting criteria (with the exception of Eligible Homebuyers with disabilities and Eligible Homebuyers at 50% AMI or below, which are limited to the lesser of $35,000 or the amount necessary to meet underwriting criteria).

How It Works:

  • An eligible organization becomes a “Member” of the HOP Pool by completing a HOP Membership Application.
  • Members can reserve financing for qualified homebuyers, on a loan-by-loan basis, by submitting a HOP Reservation and Environmental Checklist once the home is under construction.
  • As homes near completion, a borrower analysis package for each contracted Eligible Homebuyer is required.
  • Florida Housing will provide funds up to the program maximums to reduce the purchase price to an affordable amount and to provide closing costs assistance at homebuyer closing.

Program Parameters:

  • Funds may be reserved for a maximum of 180 days with no more than 10 homebuyer reservations in the system at one time.
  • Developers shall be limited to 60 units per year.
  • Set-Asides: A portion of HOP funds may be set aside for specific counties or purposes (e.g. disaster recovery).

Specific Authority:

  • Rule Chapter 67-57, Florida Administrative Code
  • Sections 420.5088 and 420.5089, Florida Statutes
  • 24 CFR § 92, HUD regulations

Funding Source:
The Home Investment Partnerships Program (HOME), funded through the United States Department of Housing and Urban Development (HUD); and/or Florida Housing’s Homeownership Assistance Program (HAP).

For further information, please see our website: www.floridahousing.org.


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