Governor announces loan program to help with housing after Hurricane Michael
PANAMA CITY, Florida –Governor Ron DeSantis was in Panama City Monday afternoon to announce a program that will provide loans of $ 15,000 to help residents find housing after Hurricane Michael.
The recovery has been long and difficult for the region, and almost two years later, there are residents who are still living with relatives or in motorhomes because they do not have the money to stay. to house, according to the governor.
DeSantis said that on September 1, the state will relaunch the Hurricane Michael loan recovery program to provide residents with $ 15,000 loans to cover housing costs.
The loans are repayable as long as the borrower remains in the area for at least five years.
The loan is applicable in the following counties: Bay, Calhoun, Franklin, Gadsden, Gulf, Holmes, Jackson, Liberty, Taylor, Wakulla and Washington.
Officials said those interested should visit FloridaHousing.org and find a participating lender. The applicant must live in the house, which means that it cannot be used as an investment property.
A press release gave more details on the terms of the loan.
“Scheduled to launch on September 1, the Hurricane Michael Stimulus Loan Program will provide below-market 30-year fixed-rate first mortgages with a down payment of up to $ 15,000 and a assistance with closing costs for qualified buyers. PAD loans will be interest-free, non-amortizing and repayable at 20% per annum over five years. The DPA loan is fully forgivable if an active duty officer is officially reassigned and has to sell the house, ”it read.
The program was launched last year with $ 5 million which was ultimately used to help 335 families. This year, $ 10 million has been allocated to the program, enough to help 660 families, according to DeSantis.
“It’s a multi-year (recovery) effort, it won’t happen overnight, but the resilience has been awesome and, you know, when people stand up, ready to help themselves, ready to helping their neighbors, so obviously we have to be there, helping them as well, that’s what we do, ”DeSantis said.
Click on here for more information on the program.
Copyright 2020 by WKMG ClickOrlando – All rights reserved.