The Miami-Dade County Economic Advisory Trust has officially launched a new initiative aimed at assisting local residents in securing homeownership. The program, known as H.O.M.E., provides $150,000 in
William “Bill” Diggs, the executive director of the Trust, noted that for many families, the primary obstacle to homeownership is not the ability to manage monthly mortgage payments, but rather the initial capital required to enter the market. This program is designed to bridge that financial gap for qualified applicants.
Application Process and Eligibility Requirements
Interested applicants must submit their forms online, with a limit of one application per household. The application window is currently open and will remain so until September 30, or until the county receives 200 qualified submissions, whichever occurs first. Once the lottery process selects the recipients, those individuals will have a 60-day window to secure necessary financing from a lending institution to complete the purchase.
To be eligible, households must earn less than 140% of the area median income, which equates to $173,460 for a family of four. Furthermore, successful applicants are required to occupy the property as their primary residence. The townhouses are situated at 11251 SW 216th St. in the Goulds neighborhood. The development includes two units featuring four bedrooms and three bathrooms across 1,800 square feet, and one unit offering three bedrooms and three bathrooms across 1,400 square feet. Notably, these properties do not carry homeowners association fees.
Context of Housing Affordability in Miami
The introduction of this program comes as the Greater Miami area continues to face significant challenges regarding housing affordability. Recent data indicates that the region has become one of the least affordable metropolitan areas in the United States, with costs often exceeding those found in other major urban centers such as New York City and Los Angeles. This trend has increasingly limited market access for many potential buyers, particularly younger residents seeking to purchase their first homes.
