FHFC Notice of Emergency Rule- Rent Increases

Posted By: Trinity Kutschinski COVID-19 , Industry ,

In March, the U.S. Department of Housing and Urban Development released Fair Market Rents and Income Limits data for assisted housing programs including the Public Housing, Section-8 project-based, Section 8 Housing Choice Voucher, Section 202 housing for the elderly and Section 811 housing for persons with disabilities programs. 

HUD Income Limit Data


As a result, the Florida Housing Finance Corporation (FHFC), issued an emergency rule (67ER20-1) in an effort to incentivize affordable housing owners and developers to suspend all increases of rent that impact existing residents in housing that is financed, (both in whole and in part), by the Corporation, for the duration of the Public Health Emergency.

  • 67ER20-1 went into effect on Wednesday, April 29, 2020, and will remain in effect for the duration of the Governor's Executive Order 20-52, declaring a Public Health Emergency and the President's Major Disaster Declaration for the State of Florida (DR-4486)

Rule Incentive- Owners and developers who choose to suspend all rent increases that seek to impact existing residents will be entitled to a preference in Requests for Applications issued by the Corporation for one year after the effective date of this emergency rule. 

Additionally, this rule serves to place developers on notice that implementing any rent increases during the Public Health Emergency could impact their ability to receive funding from the Corporation in the future. For reference, a copy of 67ER20-1 can be found below. Additional information can be found on the Florida Housing Finance Corporation's website. 

 Florida Housing Finance Corporation


FAQ

(Q)- The Governor announced Phase 1. Does this mean previous Executive Orders are no longer in effect?

  • (A)- No, although Florida is in full Phase 1, this does not mean that previous Executive Orders are no longer in effect. The Governor has chosen to extend many of his original Executive Orders. All of which you can find all of here. 

1.) A Public Health Emergency, and;

2.) The State of Emergency. 

The Governor extended the original Order for an additional 60 days which would expire July 7, 2020.