FAQs
AFFORDABLE HOUSING BUILDING PERMIT ALLOCATIONS
Q: How many affordable housing building permit allocations does Islamorada have available?
A: As of December 2016, Islamorada has 37 building permit allocations. The state allows the village six new allocations per year, which have been accumulating by rolling over each year. One of the goals of the Achievable Housing Committee is to encourage developers and builders to use those allocations for workforce housing.
Q: How long does it take to get an affordable housing building permit?
A: Since Islamorada has accumulated approximately 37 of those allocations, you will only have to go through a site plan approval, which will take approximately six months, depending on the situation.
Q: If I am approved for my affordable housing allocation(s), when can I begin building?
A: As soon as you receive the allocations and a building permit, you can start building.
Q: How do I know if I qualify for (an) affordable housing building permit allocation(s)?
A: Whether you intend to live in the residence or rent, you must deed restrict the unit(s) to affordable housing in perpetuity. If you plan to live in the residence, you must meet the very low to moderate income requirements Monroe County. If you do not intend to live in the unit(s), you must rent to individuals who meet the very low to moderate requirements of Monroe County.
FIRST-TIME HOME BUYER DOWN PAYMENT ASSISTANCE PROGRAM
Q: How much will the Village "loan" me for a down payment?
A: Up to $10,000.
Q: What are the qualifications?
A: You have to meet the very low to moderate income levels for Monroe County. You must be looking to purchase a house within the village.
Q: Do I have to work within the Village of Islamorada in order to qualify?
A: No, the house you intend to purchase must be in Islamorada, and you must meet the income qualifications.
Q: Do I have to repay the loan?
A: You only have to partially repay the loan if you move within 10 years. Then you would be responsible for repaying $1,000 per year (up to 10 years) that are left on the forgivable loan term. For example, if you move on year eight, you would be responsible for repaying $2,000 of the loan since $8,000 would be forgiven.
Q: What are the stipulations of the loan?
A: The home must be deed restricted as Affordable Housing for 10 years. That means only very low to moderate income level individuals may reside in the home during this time.
Q: I am looking for a home in Islamorada. When should I start the application process?
A: If you are looking for a home in Islamorada, you may contact the Planning Department at any time for the application and begin to gather what documentation you can at this time. When you sign a contract on a home in Islamorada, you can submit documentation and walk through the process with the Planning Department to get approval for the funds to be released to the seller at the time of purchase.
Q: How long does it take to get through the process?
A: At this time, the Village has had one applicant and success in the program. It took the applicant 50 days to gather and submit the correct documentation and get village approval. We would recommend allowing for at least 45 days from the signing of the contract and initiation of the down payment assistance program until closing.
Q: How much of my own money should I expect to pay at closing if I use this down payment assistance program?
A: It depends on the amount of your home purchase and closing costs. The applicant who successfully used the program bought a house for approximately $240,000 with an FHA loan. The FHA loan required a 3.5% down payment (approximately $8,500), and closing costs were approximately $9,000 for a total of $17,500. Since the applicant qualified for the $10,000 from the Village, she had to pay approximately $7,500 of her own funds to close.
Q: When are the down payment assistance program funds released to the seller?
A: At closing.
Q: Do I have to find an affordable housing unit to purchase?
A: You can, but you can also find a market rate house and deed restrict it to affordable housing for 10 years, the term of the forgivable loan.
Down Payment Assistance Program article in the June 23, 2017 Upper Keys Weekly:
Q: How many affordable housing building permit allocations does Islamorada have available?
A: As of December 2016, Islamorada has 37 building permit allocations. The state allows the village six new allocations per year, which have been accumulating by rolling over each year. One of the goals of the Achievable Housing Committee is to encourage developers and builders to use those allocations for workforce housing.
Q: How long does it take to get an affordable housing building permit?
A: Since Islamorada has accumulated approximately 37 of those allocations, you will only have to go through a site plan approval, which will take approximately six months, depending on the situation.
Q: If I am approved for my affordable housing allocation(s), when can I begin building?
A: As soon as you receive the allocations and a building permit, you can start building.
Q: How do I know if I qualify for (an) affordable housing building permit allocation(s)?
A: Whether you intend to live in the residence or rent, you must deed restrict the unit(s) to affordable housing in perpetuity. If you plan to live in the residence, you must meet the very low to moderate income requirements Monroe County. If you do not intend to live in the unit(s), you must rent to individuals who meet the very low to moderate requirements of Monroe County.
FIRST-TIME HOME BUYER DOWN PAYMENT ASSISTANCE PROGRAM
Q: How much will the Village "loan" me for a down payment?
A: Up to $10,000.
Q: What are the qualifications?
A: You have to meet the very low to moderate income levels for Monroe County. You must be looking to purchase a house within the village.
Q: Do I have to work within the Village of Islamorada in order to qualify?
A: No, the house you intend to purchase must be in Islamorada, and you must meet the income qualifications.
Q: Do I have to repay the loan?
A: You only have to partially repay the loan if you move within 10 years. Then you would be responsible for repaying $1,000 per year (up to 10 years) that are left on the forgivable loan term. For example, if you move on year eight, you would be responsible for repaying $2,000 of the loan since $8,000 would be forgiven.
Q: What are the stipulations of the loan?
A: The home must be deed restricted as Affordable Housing for 10 years. That means only very low to moderate income level individuals may reside in the home during this time.
Q: I am looking for a home in Islamorada. When should I start the application process?
A: If you are looking for a home in Islamorada, you may contact the Planning Department at any time for the application and begin to gather what documentation you can at this time. When you sign a contract on a home in Islamorada, you can submit documentation and walk through the process with the Planning Department to get approval for the funds to be released to the seller at the time of purchase.
Q: How long does it take to get through the process?
A: At this time, the Village has had one applicant and success in the program. It took the applicant 50 days to gather and submit the correct documentation and get village approval. We would recommend allowing for at least 45 days from the signing of the contract and initiation of the down payment assistance program until closing.
Q: How much of my own money should I expect to pay at closing if I use this down payment assistance program?
A: It depends on the amount of your home purchase and closing costs. The applicant who successfully used the program bought a house for approximately $240,000 with an FHA loan. The FHA loan required a 3.5% down payment (approximately $8,500), and closing costs were approximately $9,000 for a total of $17,500. Since the applicant qualified for the $10,000 from the Village, she had to pay approximately $7,500 of her own funds to close.
Q: When are the down payment assistance program funds released to the seller?
A: At closing.
Q: Do I have to find an affordable housing unit to purchase?
A: You can, but you can also find a market rate house and deed restrict it to affordable housing for 10 years, the term of the forgivable loan.
Down Payment Assistance Program article in the June 23, 2017 Upper Keys Weekly: