As housing prices continue to rise, a local program is trying to make it easier on first-time homebuyers. The program helps Tampa homebuyers by providing forgivable down payment assistance loans to those who are eligible.
It’s called the “Dare to Own the Dream” homeownership program. Because of the increase in housing prices, the city is increasing the loan amounts and the maximum purchase price. Previously, people taking part in the program could only receive a maximum loan amount of $30,000 and only purchase a house that cost no more than $240,000.
Every Tampanian, regardless of their income level, should be able to live in our great city and our team is working diligently to maximize our resources and tackle this issue.
Mayor Jane Castor
Tampa, like many cities in Florida, is facing an increased need for housing as more people move to the state and other become priced out of the market. Mayor Jane Castor says the program is expanding in order to help low-income and working-class families. The city recently designated $1 million in general funds to expand the program’s loan assistance so it could reach more families.
Here is the breakdown of the loan amounts based on area median income:
- 0 – 50% AMI – $40,000
- 50.01% – 80% AMI — $30,000
- 80.01% – 120% AMI — $20,000
- 120.01% – 140% — $15,000
People who take part in the project must live in the home for at least 10 years in order for the loan to be forgiven. Homebuyers interested in applying for the program must go through one of these counseling agencies:
- Housing and Education Alliance
- Solita’s House, Inc.
- R.E.A.C.H. (Real Estate Education and Community Housing, Inc.)
In 2020, Tampa ranked 23rd in the most valuable real estate in America.
