SUBSIDIES

Metro North CDC works intensively with each individual and family to help them navigate the process of purchasing a home. We partner with several programs to help home buyers access low-interest, fixed rate financing and grant money, as well as subsidies available to first-time home buyers. The following are some of the programs we utilize:

Community Housing Development Organizations (CHDOs)

Community Housing Development Organizations (CHDOs) are neighborhood-based non-profit organizations that assist individuals with purchasing affordable housing. By teaming up with lenders and home buyer counseling organizations, CHDOs help income-eligible potential home buyers qualify for down payment and closing cost assistance. As a registered CHDO, Metro North is eligible for up to $30,000 in assistance per home from the city of Jacksonville.

The Head Start to Home Ownership Program (H2H) <- click here for more information

• Total household income cannot exceed 80 percent of the area median income
• Up to $20,000 interest-free, subsidized second mortgage, where after 15 years of owner-occupancy the debt is
  forgiven; however, repayment is required in full if the dwelling is sold within the 15-year time frame.
• $500 down payment
• Mandatory 8-hour home buyer information course

Florida Assist

• Zero percent interest, non-amortizing second mortgage = no monthly payments
• Provides up to $7,500 for down payment/closing cost assistance
• Must be at or below 100% of the area median income
• Repayment is required
• Mandatory 8-hour home buyer information course

Homeownership Assistance for Moderate Income (HAMI) Program

• Qualification is based on income not exceeding 120 percent of the Florida Assist Program
• Provides up to $5,000 for down payment/closing cost assistance
• Interest rate of 5 percent; repayment is amortized over 10 years
• Mandatory 8-hour home buyer information course

Federal Home Loan Bank (FHLB)

• Provides matching funds to qualified first-time home buyers; maximum contribution of $7,500 with a ratio of 5 to 1
• Mandatory 8-hour home buyer information course
• Cash contribution of at least $500 required
• Must be a first-time home buyer and retain owner-occupancy for no less than five years

NACA

The Neighborhood Assistance Corporation of America (“NACA”) is a non-profit, community advocacy and homeownership organization. NACA’s primary goal is to build strong, healthy neighborhoods in urban and rural areas nationwide through affordable homeownership. NACA has made the dream of homeownership a reality for thousands of working people by counseling them honestly and effectively, enabling even those with poor credit to purchase a home or modify their predatory loan with far better terms than those provided even in the prime market.