Residents of Miami-Dade County in Miami, Florida, now have an extra financing option when trying to purchase a home. The Infill Housing Program aims to increase affordable housing options for residents who already qualify for the Affordable Homeownership Program. Infill works with designated developers to build affordable homes specifically for program participants, directly increasing homeownership opportunities for county residents.
The program comes when Miami residents are subject to skyrocketing housing costs. According to RealtyHop’s July Affordability Index, the city hosts the country’s least affordable housing market, where households making the median income have to spend 85.96% of their income on housing. When the average Miami homebuyer makes $44,581 per year, it grows increasingly difficult to justify purchasing property, where the median asking price comes in at $600,000.
First-time homebuyers feel the burden of high purchase prices and often rely on first-time homebuyer programs to help finance their large purchase. However, many programs do not expressly provide housing options for their buyers, creating a gap between prospective homebuyers who need a boost in affording their home and those who cannot afford a home despite assistance. The Infill program will help close this gap by creating affordable housing opportunities.
How can a Miami-Dade first-time homebuyer qualify for the program?
Program applicants must purchase a home in Miami-Dade and meet the requirements of the Affordable Homeownership Program to qualify for the Infill Housing Program. The Affordable Homeownership Program requires that applicants
- hold a job in the same line of work for at least two years,
- have an established and good credit score, and
- either be a U.S. citizen or a person with legal permanent residency immigration status.
To qualify for the Infill Housing Program, applicants must complete a homeowner’s education course and apply for a mortgage through a county-approved lender. Once approved, homebuyers should review the list of available housing opportunities and then contact the listed developer. At that point, they can then move forward with the home purchase process and sign a pre-sale contract.
Applicants do not have to use a real estate agent to complete the transaction, but they can hire one if desired. Homebuyers should note that they will have to pay the real estate agent commission for helping with the transaction.
Requirements after purchasing an Infill Home
After the program participant successfully purchases their home, they must still abide by the program’s rules. When closing on the house, the buyer must sign an Affordable Housing Restrictive Covenant, where they agree to keep the home at an affordable price for at least 20 years. The document states that if the owner wishes to sell their home before then, they must notify the Infill Housing program and sell the home to another qualified program member at or below the maximum sales price.
If the homeowner or a successor wishes to sell, re-finance, or dispose of the property, they must notify Miami-Dade County, who will determine the maximum resale price.
Which Infill homes are available to first-time homebuyers?
Prospective homeowners can only purchase a home offered through the Infill program. Infill works with developers to specifically create homes for the program, so they will not go toward any other homebuyer.
Homebuyers can refer to the program’s list of homes for sale to view availabilities. Homes do not sell for more than $205,000 or $215,000 if on a private lot. Qualified program participants are encouraged to directly contact the listed developers to learn more about the home(s) they are interested in. They can enter into a pre-sale contract if they qualify for that home.
The Infill program incentivizes developers looking to build housing specifically for program participants. Developers must follow guidelines and provide paperwork at the closing, such as a land survey, 15-year roof warranty, and a soil treatment certificate to ensure the home is up to the program’s standards. The program encourages developers to build single-family homes with garages or carports and appropriately conducted landscaping.
Developers include Palmetto Homes, which works to make positive changes in the lives of at-risk youth in the area. They accept donations for their home-building projects and program funding.
Additionally, Americans with Disabilities Act (ADA) accessible homes are available through the program. Infill Developers must build at least one home or 5% (whichever is greater) for the ADA. Program participants who need accessible accommodations for their homes can refer to the program’s ADA/Florida Access Code page.
Conclusion
First-time homebuyers in Miami-Dade County who qualify for the Affordable Homeownership Program can now apply for the Infill Housing Program, providing potential homeowners with more affordable housing opportunities. As the cost of homeownership increases in the area, this program works to develop new affordable houses to offer more options to the community. Refer to the program’s website for more information about the application process.
