In a city as iconic and dynamic as Miami Beach, affordable housing can be a challenge, especially in a market that naturally attracts a high demand. The Miami Beach Housing Grant program serves a vital role in balancing this demand with a commitment to economic diversity and community stability. By offering financial support for first-time homebuyers, the program provides a path for residents who may otherwise find it challenging to afford homeownership in Miami Beach. This initiative not only enables individuals and families to put down roots but also helps preserve the unique, varied community that is central to the city’s character.

Overview of the Miami Beach First-Time Homebuyer Program

The Miami Beach Housing Grant is designed as a second mortgage loan, structured specifically to assist first-time homebuyers. Eligible applicants can receive up to $150,000 depending on their income level, and these funds are meant to cover a significant portion of the upfront costs, such as down payments and closing fees.

The assistance amount is determined based on the household’s income category:

• Very Low Income: Up to $150,000
• Low Income: Up to $100,000
• Moderate Income: Up to $50,000

This second mortgage loan carries a 0% interest rate and requires no monthly payments, giving homebuyers the freedom to focus on managing their primary mortgage. The loan has a 30-year term with a 15-year affordability requirement, meaning that as long as the homeowner meets all program conditions and resides in the home for the required period, the loan is forgiven after 15 years.

Loan Terms and Repayment Conditions

The second mortgage under the Miami Beach Housing Grant Program comes with highly favorable terms to encourage homeownership and long-term residency. Below are the essential loan terms and conditions:

• Forgivable 30-Year Loan with 15-Year Affordability Period: The loan does not require repayment if the homeowner fulfills a 15-year affordability period. The loan will be forgiven in full after this period, provided the property remains the homeowner’s primary residence.
• 0% Interest Rate and No Monthly Payments: The loan is structured with a 0% interest rate and does not require monthly payments, ensuring that buyers face minimal financial strain.
• Repayment Triggers: Certain conditions trigger repayment of the loan, which include:
  • Sale, transfer, or lease of the property within the affordability period.
  • Cash-out refinancing of the primary mortgage.
  • Failure to use the property as the primary residence.
  • Default on the primary mortgage.
  • Instances of fraud, bankruptcy, or divorce (unless one of the applicants continues to reside in the home as their primary residence).

Eligibility Requirements for the Miami Beach Housing Grant Program

The Miami Beach Housing Grant is available to first-time homebuyers who meet specific eligibility criteria, ensuring the program’s resources are directed toward those most in need. Below are the primary requirements:

• First-Time Homebuyer Status: Applicants must be first-time homebuyers, defined as individuals who have not owned a home within the last three years. Certain exceptions apply for single parents, displaced individuals due to domestic violence, and those affected by government action.
• Residency Requirement: The applicant must be a current resident of Miami Beach or planning to establish their primary residence within the city upon purchasing a home.
• Income Limits: Income limits are based on the household’s income as a percentage of the Area Median Income (AMI). The specific limits are listed in the table below.
• Minimum Down Payment: Buyers are required to contribute at least 2% of the home’s sales price toward the down payment, showcasing their investment in the property and commitment to the responsibilities of homeownership.

Income Limits for Miami Beach Housing Grant Eligibility

The income limits for the Miami Beach Housing Grant Program are based on the Area Median Income (AMI) and differ based on the number of people in a household. Below is the income limit table for 2024:

Table 1. Income Table Miami Beach, FL

Family	50% AMI	80% AMI	> 120% AMI
1	$34,150	$54,600	$81,960
2	$39,000	$62,400	$93,600
3	$43,900	$70,200	$105,360
4	$48,750	$78,000	$117,000
5	$52,650	$84,250	$126,360
6	$56,550	$90,500	$135,720
7	$60,450	$96,750	$145,080
8	$64,350	$103,000	$154,440

Property Eligibility and Inspection Requirements

Eligible properties for the Miami Beach Housing Grant must be located within the city limits and serve as the buyer’s primary residence. The program accepts various property types, including single-family homes, condominiums, townhomes, and villas. Each property must meet the following conditions:

• Owner Occupancy: The property must be the buyer’s primary residence, meaning it cannot be an investment property or secondary home.
• Property Acquisition Cost Limit: The maximum acquisition limit for eligible properties is $636,806. This limit ensures that affordable housing is available to a wide range of residents.
• Inspection Requirement: Each property must pass a thorough inspection to verify safety and habitability. Any repairs called for by the inspection must be completed before the loan is finalized. This requirement helps maintain the quality of housing within Miami Beach and provides assurance to homebuyers regarding the property’s condition.

Benefits and Considerations of the Miami Beach Housing Grant

While the Miami Beach Housing Grant provides significant benefits, there are additional considerations for prospective homebuyers to be aware of:

• Initial Down Payment: Homebuyers are required to contribute a minimum of 2% of the home’s purchase price toward the down payment, ensuring buyers are financially invested in the property.
• Financial Security and Long-Term Savings: With a 0% interest rate and no monthly payments, this grant reduces the financial strain on homebuyers. The forgivable loan feature allows for significant long-term savings, as homeowners who meet all program requirements over the affordability period do not need to repay the loan.
• Community Commitment: The Miami Beach Housing Grant program encourages long-term residency in Miami Beach. By requiring participants to occupy the property as their primary residence, the program supports community stability and growth.

Why Choose Miami Beach?

Miami Beach offers an unparalleled living experience, blending natural beauty with a vibrant cultural scene. From its