The North Miami Community Redevelopment Agency

Helping to build North Miami's Tomorrow

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Affordable Housing Programs

As of May 8, 2007, the open registration Period to apply for the CRA's Affordable Housing Programs is closed. If you have registered, you will be contacted shortly about the next steps.

 

(This information is also available in Creole)

 

Pursuant to the Munisport Site Development Agreement with Biscayne Landing the opportunity exists for the CRA to work with the City of North Miami, and North Miami Housing Ltd. to generate a number of “Affordable Housing Units” in the balance of the City equal to the number of housing units constructed in the Biscayne Landing development (up to 5,999).

 

Types of Affordable Housing

Affordable Housing Units mean (i) residential units constructed (or rehabilitated and renovated) upon land provided by the City and/or the CRA, (ii) residential “for sale” units constructed (or rehabilitated and renovated) on land provided by the City and/or the CRA with the sales price established by the City and/or the CRA, and (iii) existing residential units and/or single family homes located in the City which are rehabilitated and renovated through grants, subsidies and other programs funded by the City, CRA and/or other governmental entities and/or housing authorities.

 

In accordance with the CRA Redevelopment Plan, the CRA will provide subsidies to qualified residents, either owners or renters, of the City of North Miami to assist in the acquisition and/or rehabilitation of qualified primary residences, in an amount not to exceed $50,000.

 

Participant Requirements

  • The Resident must have lived in the City of North Miami for a period of 180 days prior to the adoption of the CRA Redevelopment Plan by Miami-Dade County on June 7, 2005.
  • The Resident must provide sufficient proof of qualified residency.
  • The Resident is the owner/occupant of the new home to be rehabilitated or remodeled and it must remain as his/her primary residence for the duration of the subsidy loan term.
  • The Resident must be the owner/occupant of the new home to be purchased and it will become his/her primary residence for the duration of the subsidy loan term.
  • The Resident must have verified household income for homeownership or rehabilitation that is equal to or greater than 50%, or less than or equal to 120% of the Miami-Dade County Area Median Family Income adjusted for family size. (As of May 2006, the median family income for a family of 4 persons is $55,900.)
  • The Resident, who is purchasing a home, must have a credit history/record sufficient to qualify for a first mortgage equal to 2-3 times their annual household income.
  • The Resident must have a commitment letter from the lending institution making the first mortgage loan.
  • The Resident must be able to qualify and be awarded sufficient, additional non-CRA home purchase and down payment assistance subsidies.
  • The Resident must be able to demonstrate that the total of the first mortgage loan plus the other non-CRA subsidies plus the CRA subsidy up to $50,000 is sufficient to cover the home purchase price.
  • Approximately 30% of the Resident’s total monthly household income is adequate, after all other mortgages and subsidies are supplied (including the CRA subsidy loan), to cover the monthly housing expenses of principal, interest, taxes, insurance, homeowner association fees, etc. for the home.

 

(This information is also available in Creole)