First announced on February 19, 2010, by the US Department of the Treasury (Treasury), the “Housing Finance Agency (HFA) Innovation Fund for the Hardest-Hit Housing Markets” (HFA Hardest-Hit Fund) provides federal funding to states hardest hit by the aftermath of the burst of the housing bubble. To date, $9.6 billion has been allocated to 18 states and the District of Columbia; Florida’s share totals more than $1 billion. The Florida Hardest-Hit Fund (HHF) Programs are as follows:

Provided up to 12 months of payments (with a cap of $24,000, whichever comes first) paid directly to the mortgage lender to assist unemployed or underemployed borrowers with their first mortgage. In addition, up to $18,000 could be paid to help satisfy all or some of any past due amounts owed to the mortgage lender; this assistance would have been paid prior to the UMAP payments beginning and cannot exceed $18,000 total. Total assistance available was up to $42,000.

Used as a one-time payment to the mortgage lender to help satisfy all or some of any past due amounts owed on the first mortgage, only. This assistance could not exceed $25,000 total, and any past due amounts over and above the $25,000 could not be paid by the MLRP program and were the responsibility of the homeowner. 

Provided qualified first-time homebuyers with up to $15,000 in down payment and closing costs assistance. The program was available for prospective first-time homebuyers wanting to purchase homes located in the following counties, only:

• Brevard
• Clay
• Duval
• Hillsborough
• Pasco
• Pinellas

• Orange
• Osceola
• Polk
• St. Lucie
• Volusia

Prospective first-time homebuyers, please click here to be redirected to Florida Housing’s First Time Homebuyer Wizard for more program information, income and purchase price limits, participating lenders and Realtors® and additional qualifications.

Was designed to assist eligible homeowners by providing up to $50,000 to reduce the principal balance of the first mortgage, only, thereby reducing the loan-to-value (LTV) of their outstanding principal loan balance to no less than 100 percent 

The Florida HHF Elderly Mortgage Assistance Program (ELMORE) is designed to assist seniors who are in arrears on their reverse mortgage (also known as a HECM—home equity conversion mortgage) by providing up to $50,000 to pay past due and future property charges, so that they may avoid foreclosure and can stay in their homes.

Florida homeowners with a reverse mortgage may apply for the Florida ELMORE Program through the toll-free ELMORE Application and Information Line at 1-(800) 601-3534. A live HECM-certified ELMORE advisor will assist applicants with the process. The ELMORE website, www.FloridaELMORE.org, contains important information regarding the program, including detailed eligibility criteria and answers to frequently asked questions (FAQs).