ISLAMORADA OFFERS DOWN PAYMENT ASSISTANCE TO WORKFORCE
Islamorada, Village of Islands is offering $10,000 in down payment assistance to working-class families and individuals looking to purchase a home in Islamorada.
Residents of Monroe County and those employed in Monroe County meeting the current affordable housing income limits may qualify for the program. View or download the Affordable Housing Fact Sheet found in related links on the Planning Department page for details regading household income limits, maximum sale price and related information.
Qualified individuals interested in purchasing an affordable home are encouraged to apply with the Islamorada Planning Department for the Down Payment Assistance Program. The applicant must qualify for a home loan and will be required to provide at least 3.5% of the purchase price of the home at closing. After all necessary documents are submitted and the application is approved, the $10,000 assistance from the Village will be available at closing.
Every year the buyer lives in the home and does not default on the program, the balance of the loan is reduced, or “forgiven”, by 10% ($1,000) up to a maximum reduction of 90% ($9,000). When the homeowner who used the program decides to sell the home at any time after 10 years, only $1,000 will be required to be repaid to the Village. Prior to 10 years, the homeowner will owe the balance of what hasn’t been “forgiven” every year. For example, if the homeowner sells the home seven years after purchase, he or she would owe the Village $3,000.
The Village Council, Achievable Housing Citizens Advisory Committee (AHCAC), and the Islamorada Local Planning Agency worked on the details of the Down Payment Assistance Program for approximately two years. The program was approved by the state and made available for qualified applicants in August 2016.
“The purpose of this program is to help people in Islamorada become homeowners,” AHCAC Chairman Keith Douglass said. “The Village wants to provide assistance so that our teachers, police officers, fire fighters, and other individuals can afford to live and stay here in Islamorada. They are essential to our community and critical for our quality of life.”
For more information about the Affordable Housing Down Payment Assistance Program, contact the Planning Department Administrative Assistant Anita Muxo at 305-664-6426.