FL H0329

Creates the Homeowners' Assistance Fund within the Florida Department of Commerce (s. 420.64, F.S.) to prevent mortgage delinquencies, defaults, foreclosures, loss of utilities, and displacement of homeowners experiencing financial hardship after July 1, 2024

Qualified expenses under the fund include mortgage payment assistance, principal reduction, interest rate reductions, payment assistance for utilities, internet service, homeowner's/flood/mortgage insurance, and HOA/condo association fees

Funds are allocated to eligible entities based on homeowner need, determined by average unemployment levels (measured over 3-12 months) and the number of mortgagors with payments more than 30 days past due or in foreclosure

Eligible entities must request allocated funds within 45 days after July 1, 2024, or lose eligibility; beginning 180 days after July 1, 2024, unused funds are reallocated to other eligible entities, with priority consideration for entities serving minority homeowners and those with incomes at or below 100% of area median income

Authorizes the Department of Commerce to adopt rules to implement and administer the fund, and requires the secretary to reserve amounts for administration, technical assistance, and inspector general oversight of fund programs