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City of MiamiDepartment of Community Development

For additional information regarding the City of Miami NSP,

please call

(305) 416-2599

or visit

www.miamigov.com/communitydevelopment/pages/housing/nsp.asp

NSP DOWNPAYMENT ASSISTANCE PROGRAM

Repairs under $10,000

ABOUT THE NSP PROGRAMThe City of Miami Neighborhood Stabilization Program (NSP) offers fi nancial assistance to low-, moderate-, and middle-income homebuyers who want to buy a foreclosed and vacant property in the City of Miami’s Areas of Greatest Needs (AGN). The foreclosure process on the property must be complete and it must be bank owned. Eligible homebuyers can receive a deferred loan of up to $70,000 for downpayment, closing costs, and/or other eligible costs at 0% interest rate for a 30-year period. No monthly payment is required on this loan, which is secured by a second mortgage on the property.

AM I ELIGIBLE FOR THE PROGRAM?To be eligible, your total household income must be less than or equal to 120% of the Area Median Income (AMI) based on family size. Please see insert for this year’s income limits. You cannot hold title to another residential property and must contribute at least $500 of personal funds towards the purchase. You do not need to be a fi rst-time homebuyer.

City of Miami Department of Community Development

444 SW 2nd Ave., Second Floor

Miami, FL 33130

HOW DOES IT WORK?

1. The buyer works with a Participating Lender and must be pre-qualifi ed for a mortgage loan based on their credit history and debt. See list of participating lenders at www.miamigov.com/communitydevelopment/pages/housing/nsp.asp.

2. The buyer completes an eight hour homebuyer education course at an approved Homebuyer Counseling Agency. These agencies are listed at www.miamigov.com/communitydevelopment/pages/housing/nsp.asp.

3. The realtor helps the buyer fi nd an eligible property that meets their price point, is located within the AGN and can be purchased from the foreclosure bank at a minimum of 1% discounted sales price, based on the appraised value. A conditional contract between the foreclosure bank and buyer is signed with a 10-day inspection period on the property. The realtor ensures that the contract includes any NSP requirements. For participating realtor associations, please see www.miami.gov.com/communitydevelopment/pages/housing/nsp.asp.

WHAT TYPE OF HOME CAN I BUY?

The home must be a primary residence (detached single family residence, townhome, or condominium) with a maximum sales price of $236,000, including the cost of any repairs needed. It must be located within the City’s AGN which includes specifi c areas of Allapattah, Coconut Grove, East Little Havana, Liberty City and Overtown. Please see map.

4. The buyer applies for City assistance via his/her lender and the City then sends out a representative to assess the repair/rehabilitation work needed on the eligible property, if any. The buyer(s) also has a certifi ed inspector assess the property for necessary repairs and compliance with all local building codes. If the necessary work is under $10,000, the buyer closes on the home. If either inspector determines repairs exceed $10,000 please see NSP Brochure – Over $10,000.

5. A licensed tradesman or contractor(s) makes the repairs, if any. The City’s Building Department will ensure that the work has been completed and that the property is up to code. A City representative will confi rm that the property is compliant with the U.S. Department of Housing and Urban Development’s (HUD) Housing Quality Standards (HQS).

6. The buyer moves into his/her home.

t’s (HUD) Housing Quality (HQS).

uyer moves into his/her home.

CITY OF MIAMAREAS OF GREATEST NEEDS (AGN)

Household Size 1 2 3 4 5 6 7 8 Income ≤120% $56,640 $64,680 $72,840 $80,880 $87,360 $93,840 $100,320 $106,800AMI