Live In Hollywood: City-Owned Fully Renovated Homes For Sale

September 22, 2022

The City of Hollywood announces the availability of two beautiful, fully renovated homes for sale, along with up to $70,000 in purchase assistance for the qualified, eligible homebuyer.

The City of Hollywood is offering up to $70,000 in gap purchase assistance to buy either of these homes at: 550 North 66 Terrace, Hollywood, 33024 or 2323 Cleveland Street, Hollywood, 33020. The purchase assistance is a second mortgage loan, zero percent (0%) interest, no monthly payments, 30-year term, and payable in full at term maturity or property sale, whichever occurs first. At thirty days prior to the maturity date, the City shall offer the mortgagee a refinancing option under the same terms and conditions, so long as the mortgagee has not defaulted on any terms and conditions set forth in the mortgage. The loan will be in default, if any of the following occurs during the loan term: sale, transfer, or conveyance of property; conversion to a rental property; loss of homestead exemption status; failure to occupy the home as primary residence; failure to maintain fire, hazard, flood, and windstorm (where applicable) insurance in an amount that is adequate to cover all property loans with the City named as loss payee; failure to maintain the property in accordance with all City codes and regulations. If any of these occur it shall be considered a default under the City’s Mortgage and Promissory Note, wherein the City may pursue acceleration of the payment and all other legal remedies to recapture the balance. The potential buyers must contribute at least 3% of the first loan amount, and the purchase assistance amount will fill the “gap” after the first mortgage loan and buyer’s contribution are applied to the purchase and closing costs.

550 North 66 Terrace, Hollywood, 33024
This 3/2, 1,475 square foot home is conveniently located near the Turnpike and Fort Lauderdale-Hollywood International Airport with a purchase price of $382,194. The home was completely renovated in 2019 and includes: impact resistant windows and exterior doors, a dimensional shingle roof and insulation, new fascia and soffits, interior and exterior lighting fixtures, central A/C and heat, kitchen cabinets with stainless steel kitchen appliances, oversized porcelain tile floor throughout, a totally renovated master and second bathroom, full size washer and dryer, a tankless hot water heater, new exterior and interior paint, two-car concrete driveway with covered carport, landscaped and sodded yard with irrigation system and fenced rear yard, an upgraded electrical panel, and a 10-year lithium battery-operated smoke detector system.

2323 Cleveland Street, Hollywood, 33020
This 2/1, 922 square foot home with a purchase price of $350,000 is conveniently located near I-95, Downtown Hollywood, and only 3.6 miles to Hollywood Beach. This home was completely renovated in 2020: new exterior impact doors & windows, interior doors, interior and exterior lighting fixtures, roof insulation, central A/C and heat, completely updated kitchen cabinets with stainless steel kitchen appliances, new laminate flooring throughout, completely renovated bathroom, tankless hot water heater, new exterior and interior paint, paver driveway and front walkway, new garage, landscaped and sodded yard with irrigation system and fenced rear yard, upgraded electrical panel, and a 10-year lithium battery-operated smoke detector system.

For eligibility requirements, submittal process, and a list of participating lenders visit: https://www.hollywoodfl.org/1435/City-owned-Homes-For-Sale