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CITY OF MIAMI
DEPARTMENT OF COMMUNITY DEVELOPMENT
SINGLE FAMILY REHABILITATION PROGRAM
Program Description:
The program provides three percent (3%) interest deferred, forgivable loans to homeowners in the
City of Miami on a first come, first serve basis to repair their properties. Homeowners select their
contractors based on three bids. The work is inspected by City employees and contractors are paid for
completed work, after approval by the homeowner and the City inspector.
Source of Funding: CDGB or SHIP
Maximum Assistance: $35,000
Eligible Rehabilitations: All repairs necessary to bring the house to a decent, safe and sanitary
condition. The following are the eligible trade areas: Plumbing, Electrical, Roofing and Structural.
Eligible Properties:
Single family owner-oecupied units in the City of Miami with a tax assessed market value of no more
than $300,000.
Eligible Owners:
• Households with income less or equal to 80% of median income adjusted for family size.
However, in the case of rehabilitation funded by SHIP funds, the maximum household income
can be 120%.
• Ability to afford a monthly payment based on the income and debt.
• Must be current in their mortgage, insurance and taxes
Loan Terms:
Maximum Loan: $35,000
Terms: 3 % non -amortizing 10 -year deferred loans. The entire principal and accrued interest will be
forgiven at the end of the term.
Underwriting Ratios:
60% Total debt to income ratio.
CLTV of 150% (Combined Loan to Value ratio)
Securi : The loan will be secured by a second mortgage on the property.
Restrictions: Principal and all accrued interest will be due on sale or transfer of the property prior to
loan maturity. In the case of a refinancing, the City Manager or his designee will determine the
amount that has to be paid on such refinancing.
For further information and/or questions, please call (305) 416-2012.