Multiple Sources of Down Payment Assistance used for the Franklin Park Community

18 New construction homes
built for qualified first-time home buyers
with grant funding available on
first come, first qualified, first served basis.

When multiple sources of down payments are used to finance first time home owners, it can be a beautiful thing. Franklin Park is a success story. Eighteen new home owners financed with SHIP, HOME and CDBG funding. Home owners received from $20,000 up to $60,000 in down payment and closing costs assistance.

The State Housing Initiatives Partnership (SHIP) Program is the centerpiece of the William E. Sadowski Affordable Housing Act, passed in 1992. The Florida Housing Finance Corporation (FHFC) administers the SHIP Program. Funds are used as incentives to produce and/or preserve affordable home ownership and multifamily rental housing. Jurisdictions must establish a Local Housing Assistance Plan (LHAP) that provides strategies to meet the affordable housing needs of their community. Florida Housing Finance Corporation (FHFC) was created by the Florida Legislature more than 25 years ago to help low and moderate-income individuals obtain safe and affordable homes.  One of FHFC’s special programs is the State Housing Initiatives Partnership (SHIP) Program.  The Housing Finance and Community Redevelopment Division Home Buyer Programs are for first time home buyers. The program assists qualified applicants with services such as closing costs, first mortgage reduction assistance and below market mortgage rates. It is available on a First Come, First Qualified, First Served basis.

Newly constructed homes
located in Franklin Park.

The Community Development Block Grant (CDBG) program is a flexible program that provides communities with resources to address a wide range of unique community development needs. Beginning in 1974, the CDBG program is one of the longest continuously run programs at the Department of Housing and Urban Development (HUD).  CDBG eligible projects must meet one of the National Objectives:

The HOME Investment Partnerships Program (HOME) provides formula grants to states and localities that communities use - often in partnership with local nonprofit groups - to fund a wide range of activities including building, buying, and/or rehabilitating affordable housing for rent or homeownership or providing direct rental assistance to low-income people. It is the largest Federal block grant to state and local governments designed exclusively to create affordable housing for low-income households.

View of a spacious backyard
in Franklin Park.

The HOME Income Limits are calculated using the same methodology that HUD uses for calculating the income limits for the Section 8 program, in accordance with Section 3(b)(2) of the U.S. Housing Act of 1937, as amended. These limits are based on HUD estimates of median family income, with adjustments based on family size.

  • Benefit to low and moderate income (LMI) persons
  • Aid in the prevention or elimination of slums or blight
  • Meet a need having a particular urgency (referred to as urgent need).
  • HUD Income Limits applicable to the CDBG program, include-- Extremely Low (30%), Very Low (50%) and Low (80%) of area median income
Successful lottery winners
for a new home
at Franklin Park.

All three programs feature some of the following:

  • Market fixed mortgage interest rate
  • Private Mortgage Insurance (PMI) is not required
  • Down payment is 3% of real estate contract sales price. One percent (1%) of the down payment funds must come from your own savings and cannot be borrowed or received as a gift.
  • A comprehensive Home Inspection report is required.
  • You may purchase an existing home or a new construction home
  • You must owner occupy the home as your primary residence. 
New Home Owners celebrating
at their closing of their new
Franklin Park home.

Eligible properties include single family residences, condominiums, villas and town homes located within Broward County. Mobile homes and cooperatives are not program eligible properties.

The residents of Franklin Park started their home search some three years ago and most have realized their dream of home ownership. The process involved housing counseling, a lottery, a waiting list in some cases and construction delays. The beautiful three and four bedroom homes with two car garages and over 1,500 square feet of living space are a testament to perseverance. 

There are opportunities like this one showing up from time to time but you must be preapproved and know how much you qualify for and what your monthly payments will be to take advantage of the opportunities. Our partner has been invaluable in providing sources of assistance.

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