Chairman Monestime sponsors legislation to boost homeownership
(MIAMI-DADE, FL) – The Miami-Dade County Commission on Nov. 3 adopted legislation sponsored by Chairman Jean Monestime to use county documentary surtax funds to establish a homebuyer loan program that could provide up to $100,000 in loans to eligible residents.
“I pledged to make closing the income inequality gap my number one priority as chairman, and helping more residents achieve the dream of homeownership is a key part of that,” Chairman Monestime said.
The program is designed to assist low to moderate income residents whose household income is up to 140% of area median income. For a single-person household, that is approximately $69,000.
“By establishing this program, my hope is that we give residents the additional resources needed to move out of the rental market and into homeownership. I also hope this loan program helps slow down the brain drain and encourages young professionals and college graduates to invest in and live in Miami-Dade County,” added Chairman Monestime.
The Homebuyer loan program, which will be administered by the County’s Department of Public Housing and Community Development, targets specific areas, but is available for use in any part of Miami-Dade County. It provides incentives for young professionals to establish permanent residence in Miami-Dade County. The second mortgages have a 2% fixed interest rate for properties anywhere in Miami-Dade County, and an even lower rate of 1% in selected neighborhoods.