Thursday , 31 July 2014
Breaking News
The City of Miami Gardens is looking for First-Time Homebuyers

The City of Miami Gardens is looking for First-Time Homebuyers

Have you heard of the Neighborhood Stabilization Program? The City of Miami Gardens received $8,806,456 of Neighborhood Stabilization Program funds from the U.S. Department of Housing and Urban Development (HUD). The intent of these funds is to return vacant, foreclosed or abandoned residential properties to viable owner occupied homes as quickly as possible. Through the rehabilitation and reuse of these properties, the City has been able to revitalize our neighborhoods and to provide affordable home ownership within Miami Gardens. Otherwise, these homes would remain abandoned and, in some cases, an eyesore in the community.

Since 2008, the City has purchased 77 vacant and foreclosed single-family properties, and rehabilitated 50 of those parcels thus far; 8 are currently under construction. In addition, the City has demolished 12 properties previously deemed unsafe and blighted; 2 have been redeveloped and sold to qualified first-time homebuyers with 3 currently under construction. Most importantly, the City has sold 42 homes and has 5 homes currently under contract to qualified first-time homebuyers. Each homebuyer may receive up to $55,000 in financial assistance from the City for their down payment and closing costs. The amount each buyer receives is based on their actual need according to their income and household size to ensure affordable homeownership. The City does not make a profit from the sale of these homes. The proceeds from the sales are re-invested back into the program.

In the coming months, the City will begin rehabilitation on 25 more properties. These homes will be made available for sale as the rehabilitation is completed. Here are some of the basic eligibility criteria to buy one of the City’s NSP homes:*

Household income cannot exceed 120% of the area median income. (See Table Below)
• Buyer must contribute approximately $2,000.
• Buyer must be able to qualify for a mortgage loan.
• Buyer must occupy the home as their primary residence.
• Buyer cannot have owned a home in the past three years.

If you think you meet the eligibility criteria described above and are interested in purchasing a home in Miami Gardens, please visit the City’s website: www.miamigardens-fl.gov and look for the

“NSP Properties for Sale” link under the Latest News Section or contact the Department of Community Development at (305) 622-8041.

*Additional eligibility criteria applicable.

One comment

  1. How is this program going to be helpful if buyers must qualify for a mortgage loan? I would think that if a family qualifies for a traditional mortgage that they wouldn't need assistance.