Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Affordable Housing topic
No spam. Unsubscribe anytime.
NMCRA approves $100,000 first-time home buyer guidelines, raises AMI cap to 140%
Summary
The North Miami CRA approved guidelines for a first-time home buyer program funded at $100,000 that provides up to $10,000 per home in down-payment assistance, with an amendment to expand eligibility up to 140% of area median income; board voted 5'00.
The North Miami Community Redevelopment Agency approved guidelines for a first-time home buyer program funded with $100,000 in the FY25-26 NMCRA budget, authorizing up to $10,000 in down-payment assistance per home. The board amended the guidelines during debate to raise the program's income eligibility cap from 120% of area median income (AMI) to up to 140% AMI.
Staff described the program as stackable with other funding sources and said the assistance is limited to properties located within NMCRA boundaries. To increase accessibility, staff said the application will be five pages, will not require a credit score and will accept HUD-approved lender approvals and prior eight-hour homebuyer course certificates to reduce application barriers.
Board members discussed potential foreclosure-prevention assistance and learned from counsel that the CRA cannot directly make mortgage payments on behalf of homeowners under the controlling statute but can provide education, referrals and legal services. Staff said the agency can partner with Legal Services and other community organizations to provide assistance and referrals.
A motion to approve the guidelines with the AMI amendment was moved and seconded; the motion carried 5'00. Board members expressed interest in seeking additional funds in future budgets to increase the assistance amount and emphasized outreach in multiple languages and an accessible application process.
