On March 29, 2023, Governor Ron DeSantis signed Senate Bill 102, also called the “Live Local Act,” into law. The bill has several provisions to address workforce housing, including strategies to increase affordable housing solutions for Florida workers that want to live where they work. In addition, the bill includes an additional $100 million in funding that will be available starting July 1, 2023, for the Hometown Heroes housing assistance program.
What is the Hometown Heroes program?
The Hometown Heroes program is a housing assistance initiative launched in 2022 to assist local community workers with down payment and closing cost assistance for purchasing a primary residence. Since 2022, the program has assisted nearly 3,500 individuals in purchasing a home and awarded more than $50 million in down payment and closing cost assistance. Frontline workers in over 100 professions are eligible for assistance. Qualifying professions include educators, healthcare professionals such as nurses, law enforcement officers, firefighters, childcare employees, and active military or veterans.
How can the funds help your clients?
There are several benefits that eligible frontline workers can receive through the Hometown Heroes program, including:
- Down payment assistance,
- Closing cost assistance,
- Lower than market rates on FHA, VA, Freddie Mac, or Fannie Mae first mortgage loans,
- Reduced upfront fees, and
- Discounted or no origination points
If you are working with a Buyer that is an eligible frontline worker, keep the Hometown Heroes program in mind. Have your Buyer reach out to their lender to see if they meet all the requirements and find out what benefits may be available. The additional funding for this program could make a difference for your Buyer when purchasing their home!
If you have any questions about the new legislation, please don’t hesitate to contact your local real estate attorney.
