FLORIDA HOMEBUYER OPPORTUNITY PROGRAM (FHOP)

Each year Seminole County receives an allocation of funds from the Florida Housing Finance Corporation (FHFC) under the State Housing Initiatives Partnership (SHIP) Program.  SHIP Program funds can be used to construct, create, preserve, and otherwise provide affordable housing for very low, low, and moderate income households within Seminole County.  The County’s Local Housing Assistance Plan (LHAP) provides assistance to very low, low, and moderate income households.  The County is scheduled to receive $493,388 in SHIP funds from the FHFC during the State Fiscal Year 2009-10 (State Fiscal Year from 7/1/09 to 6/30/10).  The initial disbursement of funds is expected to take place in August in the amount of approximately $200,000.  Another $200,000 is expected in September, with the final disbursement in October.  The timing of the disbursements is not certain and may slip.  Over $1 million of the State Fiscal Year 2008-09 SHIP allocation has yet to be distributed to the County.  

Upon receipt of State Fiscal Year 2009-10 SHIP funds, the County will award these funds to eligible homebuyers through the Florida Homebuyer Opportunity Program (FHOP) strategy until the Federal expiration of the Florida Homebuyer Opportunity Program Tax Credit (December 1, 2009).  Only State Fiscal Year 2009-10 SHIP funds can be used for the FHOP.  Upon expiration, if funding remains, the funds may be used for any of the following strategies; Purchase Assistance, New Construction, Acquisition and Rehabilitation of Homes, Rehabilitation, New Construction for Seniors, Disaster Relief, Foreclosure Prevention Strategy, Rental Construction and Rehabilitation or Rental Security and Utilities Deposit. 

The FHOP application will be posted to the above web-site not later than July 22, 2009.  In accordance with SHIP/FHOP regulations, applications cannot be accepted until 30 days after the publication of this advertisement or August 5, 2009.

If you have questions, please contact our Customer Service Representatives at (407) 665-2380.  The telephone number for hearing-challenged callers is 1-800-955-8771 and for verbally-challenged callers is 1-800-955-8770. Both telephone numbers are accessible between the hours of 8:00 am and 5:00 pm, Monday through Friday.