first-time homebuyer flyer - city of miami

CommunityDevelopment

City of Miami • Department of

CommunityDevelopment

City of Miami • Department of

EQUAL HOUSINGOPPORTUNITY

City of Miami

First-time HomebuyerProgramNOW OPEN

You and your family may be eligible if you:

What type of assistance is available?

The City of Miami now has funding available to help eligible low-income persons buying a primary home within city limits. If you meet certain guidelines, you may be eligible for assistance towards the purchase of your home!

• purchase a property within the City of Miami’s geographic city limits (see reverse side for map)

*Note: All City folio numbers begin with 01

• are considered low income as determined by the Department of Housing and Urban Development’s (HUD’s) income guidelines of no greater than 80% of area median income, adjusted for family size (see chart at left)

• you have not owned a home within the past three years • you have not declared bankruptcy within the past two years

If eligible, you can receive up to $95,000 in subsidies (based on number of bedrooms as noted in chart) towards the purchase of the property (condominium or single-family home), which cannot be priced at more than $175,000. The monies are awarded as a 30-year forgivable loan which is secured as a second mortgage on the property. NOTE: Resale restrictions apply in the event property is sold prior to the 30-year affordability period.Note: Please see City of Miami’s full First-time Homebuyer Program application package for more details.

Pick up a first-time homebuyer application package at the Department of Community Development, 444 SW 2nd Avenue, 2nd Floor or download it from the web at www.miamigov.com/communitydevelopment/pages/applicationsforms. For additional information, please call 305-416-2080.

$48.328$55,722$67,202$86,020$95,830

Subsidy amount (maximum)

01234

Number of bedrooms of home

being purchased

Subsidy Amounts

$36,750$42,000$47,250$52,500$56,700$60,900$65,100$69,300

Maximum Income (80%)

12345678

Household Size

HUD’s Maximum Income Limits 2012

City of Miami