Public Notice - D5 Expanded FTHB (Posted 01-17-2023)

District 5 Expanded First-time Homebuyer
Program to Open for Applications on
Tuesday, January 17, 2023

(Miami, FL January 17, 2023) - Applications for the new City of Miami District 5 Expanded First-time Homebuyer Program will be available starting Tuesday, January 17, at all D-5 District Offices, open Monday through Friday, 9 am to 4 pm. This new program will provide current City residents* who have never owned a home, are income-eligible, and meet all other program guidelines, with up to $200,000 (based on need and program financing thresholds) in financial assistance towards the purchase of a home within the boundaries of District 5 with a maximum purchase price of $500,000.  

In order to be eligible for the program, the applicant household’s income must be no more than 100% of Area Median Income (AMI), although the households of current City of Miami or Miami-Dade County first responders (including police, fire, emergency medical personnel), and active or retired members of the U.S. Air Force, Army, Navy, Coast Guard, or Marines, are capped at a maximum of 140% AMI. A minimum of $50,000 in household income is needed to apply for the program and the applicant must contribute at least $2,000 of personal funds towards down payment and/or closing costs.
A completed paper application can be turned in only after the applicant has secured the following documents from a lender: (1) a pre-approval subject to the City’s program restrictions; (2) an affordability study; (3) a completed reservation form (included in the program’s application package). These completed submissions will only be accepted at the District 5 office located at 6140 NW 7 Ave., Miami, FL 33127, on Tuesdays, from 1 to 5 pm. Upon receipt, applications will be reviewed and if eligible, the applicant/lender will be issued a 90-day reservation during which they can locate a home to purchase and gather all required program documents as noted in the checklist included in the application.  

The City assistance is awarded as a 30-year forgivable loan and secured as a second mortgage on the property. Resale restrictions apply should the home be sold prior to the 30-year affordability period. Applying for the program does not guarantee eligibility or assistance. Assistance for the program is provided on a first-ready, first-served basis until program funds are reserved/exhausted. The City reserves the right to close the application period when it has received a sufficient number of applications based on the program’s funding via Miami Forever Bonds. For program questions, please call 305-416-2080.    
*Note: The City of Miami residency requirement will be waived only if the applicant is a current City of Miami or Miami-Dade County first responder (police, fire, or emergency medical personnel) who can provide proof of status.