Homeownership Assistance Program MDEAT Housing Division

MDEAT Housing Division

hap, housing, first-time homebuyer housing-social-services assistance-programs all-residents apply-for You can get help with the down payment and closing costs to purchase your first home. Miami-Dade Economic Advocacy Trust created its Homeownership Assistance Program (HAP) to expand homeownership for low-to-moderate-income residents in Miami-Dade County. Since 1995, the program has invested more than $57 million, helping over 11,000 families achieve homeownership. Today, HAP offers a zero-interest deferred loan that assists eligible homebuyers with down payment and closing costs for their primary residence, making it easier to qualify for a mortgage. <ul> <li>A very low-to-moderate income homebuyer seeking a primary residence in Miami-Dade County.</li> <li>A voluntary Homebuyer Education Course may be offered to borrowers choosing to maximize subsidy funding with their first lender or other affordable housing programs. (layering).</li> <li>Any new or existing home (must be immediately habitable): single-family detached home, townhome or condo. Foreclosure REOs and short sales are considered on a case-by-case basis.</li> </ul> noFee /resources/images/services/mdeat-hap.jpg

Custom Buyers and Realtors Learn how to begin the homebuying process and apply for down payment assistance. Did you know that you may qualify for up to $28,000 in down payment assistance from MDEAT and up to $120,000 from other programs across Miami-Dade County and local municipalities? These funds can help lower your mortgage amount and reduce monthly payments. Since 1995, the program has invested more than $57 million, helping over 11,000 families achieve homeownership. HAP works with mortgage professionals, financial institutions and community organizations to create opportunities for prospective homebuyers. The HAP funds can be combined with other Miami-Dade County, state and local programs designated for affordable housing.

Custom Construction Development and Land Acquisition Loan Programs The Miami-Dade Economic Advocacy Trust (MDEAT), which is an agency and instrumentality of Miami- Dade County, solicits applications through a Request for Application (RFA) process to fund eligible activities with Documentary Stamp Surtax (Surtax) funds. Through the Surtax Construction Development Loan Program and Land Acquisition Loan Programs, MDEAT receives proposals that address critical unmet affordable housing needs. This RFA targets single family and multi-unit homeownership projects that may include acquisition, rehabilitation, and new construction with or without acquisition of County-owned property. Both for-profit and non-profit developers are encouraged to participate. MDEAT encourages development teams competing for Documentary Stamp Surtax funding to be diversified and aspire to be consistent with and reflect the diversity of the Miami-Dade County community pursuant to policies outlined in Resolution No. R-1080-14. <a href="https://www.miamidade.gov/economicadvocacytrust/library/construction-development-program.pdf" target="_blank" rel="noopener">Download Application</a>

Custom Rehabilitation Assistance Program (RAP) MDEAT’s Rehabilitation Assistance Program (RAP) offers forgivable loans up to $50,000 to help low-to-moderate income homeowners make necessary repairs. The loan is interest-free and requires no payments for the life of the loan. The loan becomes fully forgivable after 15 years, provided the property remains owner-occupied and the borrower does not refinance or transfer of ownership during that period. <ul> <li><a href="https://www.miamidade.gov/economicadvocacytrust/library/mdeat-rap-postcard.pdf" target="_blank" rel="noopener">Rehabilitation Assistance Program Postcard</a></li> <li><a href="https://www.miamidade.gov/economicadvocacytrust/library/mdeat-rap-checklist-2024.pdf" target="_blank" rel="noopener">Rehabilitation Program Checklist</a></li> </ul>

Custom Lenders and Closing Agents Low-to-moderate income borrowers may have any licensed mortgage lender in the State of Florida submit a HAP application on their behalf. For closing agents (title companies and attorneys), approval by Miami-Dade County Clerk of Court and Comptroller as a registered supplier (vendor) is required before eligibility is designated to a closing agent for use of any borrower receiving a HAP loan and to facilitate downpayment and/or closing costs assistance.  Closing agents should maintain at least one or more persons on staff that are knowledgeable of and/or experienced with closing HAP and other DPA funded loans. Closing agents must have a sunbiz.org listing as an entity with an active and updated record including valid tax ID number.  Closing agents must stay current and approved with Miami-Dade County Clerk of Court and Comptroller with regards to updates or changes in address, banking affiliation, name changes and/ or other affiliated changes in their sunbiz record.  Closing agents must complete and submit an original “wet” signed Miami-Dade County approved ACH direct deposit form as a permanent means to receive HAP funds. The only other currently available option is to receive HAP funds via physical check disbursement by Miami-Dade County Clerk of Court and Comptroller (i.e., wire transfer are not currently available)

online-service true HAP Information 305-375-5661 [email protected] [email protected]

FL MDEAT RAP Postcard https://www.miamidade.gov/economicadvocacytrust/library/mdeat-rap-postcard.pdf MDEAT HAP Postcard https://www.miamidade.gov/economicadvocacytrust/library/mdeat-hap-postcard.pdf Income Limits & Allowable Financing https://www.miamidade.gov/resources/economic-advocacy/documents/hap-income-mortgage-limits.pdf Down Payment Assistance Programs https://www.miamidade.gov/economicadvocacytrust/library/hap-homebuyer-resources.pdf Income Limits Chart /resources/economic-advocacy/documents/income-limits.pdf Program Highlights English https://www.miamidade.gov/resources/economic-advocacy/documents/hap-program-highlights.pdf Program Highlights Spanish /resources/economic-advocacy/documents/hap-program-highlights-spa.pdf Program Highlights Creole /resources/economic-advocacy/documents/hap-program-highlights-cre.pdf

homeownership-assistance-program ser1532378258174440 local county miami-dade trust trusts Economic Advocacy TrustMDEAT Contact Us /global/government/trusts/economicadvocacy/contact.page /global/publicrecords/search.page Miami-Dade Economic Advocacy Trust Miami-Dade Economic Advocacy Trust's mission is to ensure the equitable participation in Miami-Dade County's economic growth through advocacy and monitoring of economic conditions and economic development initiatives in Miami-Dade County. Following the riots that erupted in 1980 after officers were acquitted for the death of Arthur McDuffie, the City of Miami and Miami-Dade County collaborated to create Metro-Miami Action Plan (MMAP) in 1983 as a solution to socioeconomic disparities in employment, economic development, education, housing, health and human services and criminal justice. In 1992, MMAP was further empowered by becoming a trust, and in September 2009 it was reorganized into MDEAT by ordinance 09-70. Since its inception, MDEAT’s focus has been on addressing socioeconomic disparities within the community. MDEAT does so by focusing on the individual (i.e., youth and individual family member support), building neighborhoods through the expansion of homeownership, and supporting the foundation of strong businesses and economic development via job creation, entrepreneurship, business retention, and expansion. These three gears - family, neighborhood, and business - work together to connect the community to resources, funding, and programming that together create whole communities. <ul> <li><a href="https://www.miamidade.gov/global/government/boards/economic-advocacy-trust.page">Board Members</a></li> <li><a href="/global/navigation/prindex.page?ORGANIZATIONNAME=Economic%20Advocacy%20Trust" target="_blank" rel="noopener">Read press releases</a></li> <li><a href="https://www.miamidade.gov/global/government/trusts/economicadvocacy/targeted-urban-areas.page">Maps throughout Miami-Dade County</a></li> </ul> /resources/economic-advocacy/images/mdeat-banner-home.png other Executive Director William "Bill" Diggs William%20%22Bill%22%20Diggs /global/government/biographies/economic-advocacy-trust.page Overtown Transit Village South - 601 NW 1st Court [loc1496409739736747] : Miami ^ 33136 loc1496409739736747 Suite 2132 305-375-5661 305-375-5651 /global/government/trusts/economicadvocacy/home.page facebook instagram economic-advocacy-trust org1477078752386373 loc1496409739736747 Overtown Transit Village South 601 NW 1st Court Suite 2132 Miami 33136 305-375-5661 305-375-5651 /global/government/trusts/economicadvocacy/home.page facebook,instagram https://www.facebook.com/MDEATInfo,https://www.instagram.com/mdeatinfo Executive Director