Need Money For A Special Assessment? Miami-Dade County Is Offering Some Condo Owners Loans Up To $50,000
February 3, 2023
If you are having a Special Assessment on your property Miami-Dade County is Offering Some Condo Owners Loans up to $50,000. This Program will assist owner occupied condominium homeowners with limited finances, address special assessment requirements associated with rehabilitation/repairs as a result of applicable building integrity recertification requirements. Surtax funds will be in the form of a loan and the annual household median income may not exceed the maximum limit of 140% as indicated in the Miami-Dade County income limit chart.
Loan terms will be structured so as to mitigate the financial burden on families while recognizing the need to ensure compliance with the Surtax program. A description of the work to be done and/or the Scope of Work will be required to determine the loan assistance.
The applicants are selected on a first come, first served basis. Please complete the enclosed forms and return by mail or hand deliver; e-mailed applications will not be accepted. Please gather the documentation listed below, but do not send your documentation with your application:
1. Valid Florida Driver’s License or State ID Card for adults.
2. Warranty Deed, Quit Claim Deed or other evidence of ownership of the property.
3. Last four paystubs, unemployment compensation, valid Social Security Award Letter and evidence of Pensions, Child Support/Alimony Payments; if applicable.
4. Copy of Social Security Cards for applicant and co-applicant only.
5. Proof of U.S. Citizenship or Current Permanent Legal Residency.
6. Most current 3 months of Bank Statements for all accounts; must reflect monthly balances.
7. Mortgage Payment must be current and provide a copy of the current Mortgage Statement. (No Coupons accepted) Copy of current HOA Fees.
8. Birth Certificates for all household members regardless of age. No birth cards accepted.
9. Last 2 years of Federal Income Tax Returns including W-2s, all pages and schedules.
10. Current SSA-1099 Form.
11. Proof of Hazard Insurance, Flood Insurance; if applicable.
12. Copy of last Utility Bills, Electric and Water Bills.
13. Copy of Discharged Bankruptcy including all schedules and pages; if applicable.
14. Divorce Decree and/or Death Certificate; if applicable.
Qualifying owners making less than 140% of the area median income (AMI) can get up to $50,000 to pay for these assessments. Individuals earning less than $95,620; couples making less than $109,200; three-person households earning less than $122,920 and households of four making less than $136,500 may be eligible.
For more information regarding the loan process and terms please contact PHCD, Shawn Topps at: (786) 469-2209. Applicants are selected on a first come, first served basis. Visit Miami-Dade County's website to learn more, complete the required documentation and search the affordable homeownership program: https://www.miamidade.gov