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City of Miami Single Family Rehabilitation Program
City of Miami Department of Community Development
http://www.miamigov.com/communitydevelopment/pages/

Contact


Miami Community Development
444 S.W. Second Ave. Second Floor
Miami Florida 33130
(305) 416-2012






Program Overview


City of Miami Single Family Rehabilitation Program is a program to provide funding to rehabilitate owner-occupied homes. Property must be located in the City of Miami.


Who is eligible for thisTest program?


Borrower's household income may not exceed 80% of the area median. Household income may not exceed 80% of the area median, except that if rehabilitation funded by SHIP funds, the household income may not exceed 120% of the area median. Funds may be used to make repairs to bring a property to a safe and sanitary condition.

Is thisTest program for first time buyers only? No


Property Eligibility Requirements


Property must be located in the City of Miami.
Allowable property types: Single-family homes; some townhomes and condominiums.


Benefit Details


Non-amortizing 10 year second mortgage loan at 3% interest. Principal and accrued interest are forgiven if the borrower remains in the property for 10 years. Maximum loan amount is $35,000.

Benefit: Low interest deferred payment loan to fund rehabilitation of housing.
Loan Term:10 years
Owner Occupancy Required:Yes
Other Program Comments:Borrower must obtain bids from three contractors. The contractor is paid when the work is completed and the property passes inspection. Taxed assessed value of the property may not exceed $300,000.

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