The State Housing Initiatives Partnership (SHIP) program is a Florida-specific government initiative that provides funds to local governments to incentivize the development and rehabilitation of affordable housing. SHIP dollars are used for a variety of purposes, including down payment assistance, home repair grants for low-income homeowners, and assistance to developers creating affordable rental units. It operates through the Florida Housing Finance Corporation.
How It Applies to Florida Landlords
For landlords, SHIP can be a resource when looking to rehabilitate distressed properties, provided those properties are designated for affordable rental housing within a participating municipality. Landlords should check with their local housing or community development office to see if there are available grants or low-interest loans for property improvements that satisfy affordability requirements. While the program is often geared toward owner-occupants, certain programs incentivize landlords to rent to income-qualified tenants.
Key Takeaways
- A Florida state-funded affordable housing program.
- Provides funds for rehabilitation and new construction.
- Often requires adherence to income-based rent restrictions.
- Landlords should contact local government housing departments for eligibility.