Florida Department of Housing & Urban Development
The Florida Department of Housing & Urban Development (HUD) was created in 1965 in order to address housing needs of residents, especially middle to lower income citizens. Since its inception, benefits offered by the Department of Housing and Urban Development have included fair housing laws to reduce discrimination in the housing industry, and to make homeownership a reality for more Americans. Click here for our free guide on other assistance programs provided by Florida.
The Florida Department of Housing & Urban Development also offers housing counseling to those who are looking to own a home for the first time. HUD offers homebuying benefits to those who qualify, such as lower down payments and interest rates on mortgages. Likewise, HUD extends home renting benefits to those who are eligible. HUD helps families avoid foreclosure and can assist in unfortunate instances when housing discrimination is suspected. Two of the largest programs in the Florida Department of Housing & Urban Development are homeownership assistance and Section 8 housing. To learn more about these departments, refer to the following topics:
- Homeownership assistance in Florida
- Section 8 in Florida
Homeownership Assistance in Florida
The development of the Florida Department of Housing & Urban Development is a way for the government to help first-time homebuyers be able to purchase a home within the state. However, this is not all that the department is responsible for. Some of the other benefits offered by the Department of Housing and Urban Development include other Florida-run assistance programs established to counsel residents who have never purchased a home before as well as for those who are in danger of losing their homes.
The benefits offered by the Department of Housing and Urban Development to first-time homebuyers is significant. HUD guarantee a portion of the proposed mortgage for new homebuyers through the issuance of FHA loans. FHA loans to purchase a home in Florida are available only to qualified applicants. These loans mean that the applicant will have a lower down payment and little to no closing costs. This homebuying benefit offered to new homebuyers as well as moderate to low-income families help applicants afford homes that otherwise might be unattainable.
This Florida Department of Housing & Urban Development program requires that applicants meet eligibility guidelines in order to qualify for the loan. Homebuying benefits are available to those with good to excellent credit and for those applicants who have not had any serious infraction against their credit report, such as a foreclosure or short sale. However, even those who have experienced foreclosures or bankruptcies can qualify for homebuying benefits with HUD if enough time has passed since the incidents. To find out more about eligibility for state-run programs in Florida, download our comprehensive guide.
The benefits offered by the Department of Housing and Urban Development are also extended to those who would like to rent a home in Florida. Rental assistance is largely dependent on the income level of the petitioner as well as the county where the resident is applying. Applications for home renting benefits will not require credit ratings to be as high as if the applicant were purchasing the home. Often home renting benefits will cover a portion of rent as well as required security deposits. However, the applicant should note that in both the homebuying benefits as well as the home renting benefits, the funds offered by HUD do not generally cover everything and officials will assess the applicant for his or her ability to cover the rest of the rent or mortgage payments themselves. Read More
Section 8 in Florida
Another of the benefits offered by the Department of Housing and Urban Development is the Section 8 housing program. This program manages approximately 40,000 apartments and rental homes throughout the state. HUD issues home renting benefits to qualified applicants in the form of vouchers, which can be used for public and private housing in Florida, provided the landlord is a Section 8 housing program participant. The Florida Department of Housing & Urban Development Section 8 housing program has two options for renters; tenant-based renting and project-based renting.
Florida Department of Housing & Urban Development tenant-based rental programs allow renters to find housing with a landlord willing to accept the rental vouchers. This home renting benefit makes it possible for renters to find and secure housing in an area where they feel safe and their children can attend school. Many of the home renting benefits utilized in the tenant-based program aim to allow families that are struggling financially to remain in their own home. The vouchers offered by the Florida Department of Housing & Urban Development for this program are tied to the recipient and if the tenant decides to move to another HUD based home, then the voucher, which is transferable, will move with him or her.
The Florida Department of Housing & Urban Development also offers a project-based Section 8 housing program. This program differs from the tenant-based program in that the actual rental unit is subsidized. Home renting benefits in Florida that utilize the project-based housing platform are not transferrable, so if the renter decides to move to another rental unit he or she must reapply with HUD. Tenant-based Section 8 rental units and homes have lower out-of-pocket cost than the other since tenant based rentals expect the renter to pay at least a third of the cost of the rent each month in order to qualify. To find out more about obtaining affordable housing in Florida, click here and download out comprehensive state guide.
Both Florida Department of Housing & Urban Development programs for Section 8 housing have waiting lists in most Florida counties. This is because, currently, the demand exceeds the supply of adequate housing or those landlords who are willing to participate in the program. In some counties, the waiting list can be quite long and some families wait years before benefits are available. The Florida Department of Housing & Urban Development also takes issues of discrimination seriously in the state. Those landlords or rental units where discrimination occurs should be brought to the attention of the nearest HUD offices. Read More