At the Dec. 13 meeting, the Board of Directors of the Florida Housing Finance Corporation (Florida Housing) approved a portfolio preservation action plan. The plan calls for Florida Housing staff to immediately change the State Apartment Incentive Loan (SAIL) program to allow first mortgage refinancing for recapitalization, use four percent housing credits/bonds to recapitalize properties at or after 15 years and determine how to provide recapitalization/rehabilitation financing after year 30. The plan also includes three additional action items “that should be implemented in the future after we learn more about how the first three meet our preservation needs”: limited rehabilitation or full recapitalization using SAIL (with or without bonds and four percent LIHTC), full recapitalization using nine percent LIHTC and allowing certain properties to exit the portfolio earlier than specified affordability period.