HomeMy WebLinkAboutExhibit AEXHIBIT "A"
City of Miami
Department of Housing Community Development
Mortgage Assistance Program
Program Obiective:
The City of Miami Mortgage Assistance Program is designed to provide up to $6,000 in mortgage
assistance to low and moderate -income (up to 120% AMI or less) residents who have lost their income
because of the coronavirus pandemic.
Source of Funding: State allocated Treasure Dept Cares Act Funds
Funding for this Program: $1,181,250.00
Eligible Costs: Payment of mortgages
Amount of Assistance: Mortgage arrears up to $6,000
Eligible Properties:
■ Single Family Residence
■ Townhomes
■ Condominiums
■ Property must be in the City of Miami
■ The property must be owner -occupied with homestead exemption.
Eligible Owners:
■ Must be a City of Miami resident who lost his/her job or had a reduction in income after March 1St
2020;
■ Household income must be less than or equal to 120% of the median income adjusted for
household size.
■ The homeowner must have been current on the mortgage prior to March 1St, 2020.
Required Documentation:
■ State of Florida issued picture ID card with a City of Miami address;
■ proof that the applicant lost his/her job or had a reduction in income after March 1, 2020;
■ proof of household income;
■ copy of mortgage statement or lender letter showing arrears
Eligible Use of Funds:
■ Payment of outstanding principal and interest payments
■ Current and/or outstanding property insurance and taxes on the property including
escrow deficiencies.