Insurance Company Donates Money to Help With Florida Affordable Housing

Will home buying - and, therefore, demand for Florida mortgage loans - remain strong in the Sunshine State? Many reports believe so. News from a national insurance company may go a long way toward boosting such figures, as well.

First American Title Insurance Company has announced it will host a special event on September 18 to recognize a group of eight Florida nonprofit organizations that the company has partnered with to further the shared goals of increasing home buyer education and the development of affordable housing in Central Florida.

The sponsored organizations to be recognized include:

• Florida Community Loan Fund
• Florida Housing Coalition
• St. Petersburg Neighborhood Housing Services
• Community Development Corporation of Tampa
• Tampa Bay Community Development Corporation
• Clearwater Neighborhood Housing Services
• Consumer Credit Counseling Service of Central Florida & the Florida Gulf Coast
• Housing and Education Alliance

Affordable Florida home mortgage donation

First American Title will present $50,000 in grants from the First American Homeownership Foundation to these companies. The contributions will assist in the development of more than 600 affordable new homes for low- to moderate-income families seeing a Florida home loan in the state, while also providing home buyer education and counseling services to more than 1,000 households.

In addition to monetary donations, First American employees will provide volunteer labor for home maintenance services on the sponsored properties and educational services to help home buyers and potential homebuyers better understand the closing process and the role of title insurance in protecting their investment.

“First American is working to close the homeownership gap in under-served communities, and these organizations play a critical role in that process,” said Vivian Vasallo, Southeast Region Emerging Markets director for First American. “By educating consumers about the home buying process and building the affordable housing so desperately needed for our workforce in Florida, these groups are true catalysts for change in our communities.”

The company will also extend its support to St. Petersburg Neighborhood Housing Services’ effort to develop affordable modular homes for low-income families in St. Petersburg’s Bartlett Park area. The pilot program is now underway with the first home scheduled for completion in October. Lower-income families still desiring a Florida home mortgage will now have that opportunity.

“The need for housing that is affordable for all Floridians - including our workforce, low-income, elderly and those with special needs - continues to increase,” said Michael Davis, executive director of Florida Housing Coalition. “Without partners like First American, many families would be without safe, decent and affordable housing. We see a critical need for well-designed programs that help Florida home buyer’s bridge the gap between skyrocketing homes prices and leveled median incomes.”

This is all VERY good news. It means you don’t need to worry about sub-prime Florida home loans and other risky resources.