The Village of Islamorada is offering $10,000 in down payment assistance to working-class families and individuals looking to purchase a home in Islamorada.
To qualify, individuals must meet the current affordable housing limits. If single, a person can make no more than $90,150 a year. For a couple, their combined incomes can be no more than $103,050. The maximum sale price for the house is limited, also. The Affordable Housing Fact sheet also details income limits for other sized households. How the program works is that qualified individuals apply with the Islamorada Planning Department for the $10,000 assistance. Once the applicant has submitted all necessary documents and the application is approved, the money will become available at closing. The $10,000 is a “forgivable loan.” Every year $1,000 of the loan will be forgiven. The buyer is expected to live in and own the home for 10 years, at which time the entirety of the “loan” will be forgiven. If the homeowner who used the program decides to sell the home after 10 years, only $1,000 will be repaid to the Village of Islamorada. If the homeowner sells the home before the 10 years is over, he or she will owe the balance of what hasn’t been “forgiven” every year. For example, if the homeowner sells the home seven years after he or she has purchased it, he or she would owe the Village $3,000. The Village Council, Achievable Housing Citizens Advisory Committee (AHCAC), and the Islamorada Local Planning Agency have been working on this program for approximately two years. The program was approved by the state and available for use last August. “The purpose of this program is to help people in Islamorada become homeowners,” AHCAC Chairman Keith Douglass said. “The Village wants to provide assistance so that our teachers, police officers, fire fighters, and other individuals can afford to live and stay here in Islamorada. They are essential to our community and critical for our quality of life.” To qualify, the property must be located in the Village of Islamorada and fall below the maximum sales price established by the current Affordable Housing Fact Sheet. Applicants must be able to qualify for a home loan. For more information, contact the Planning Department at (305) 664-6400.
0 Comments
The Wet Net on Upper Matecumbe is a model of success in affordable housing. Otherwise, check with your employer or listings in the local newspapers, Free Press and Key West Citizen, and The Upper Keys Reporter and The Florida Keys Keynoter. Craigslist can also be a good resource for finding rentals.
|
ArchivesCategories |