A recent top metro story at Tampatrib.com is one regarding the rising cost of homes and the related effect on employers’ desire to create more jobs in the area. Reporter Dave Simanoff includes a one sentence quote from Mayor Pam Iorio:
Tampa has increased the amount of assistance available through its down payment program.
Down Payment Program? What is this? Downtown condo, here I come! Or, maybe not. Turns out these subsidies are typically for those truly in need, and basically for homes that would have a hard time selling without this type of help.
The City of Tampa administers a down payment assistance program with funds from both the State and Federal governments. Depending on your income you can receive up to $50,000 or 10% of the purchase price. It is a good program for some people.
To qualify, the sale price of the home can be no more than $164,000 – well below the current median sales price ($222,800) for our area. As of this moment, there are only 672 properties (including 21 studio condos) in Hillsborough county that the Mid-Florida Multiple listing Service shows are available that would qualify. For comparison, Pinellas has 1767 properties on the market for less than $164,000.
This program is great for the people that need the assistance but if you are hoping for help in getting that $500,000 downtown condo, don’t waste your time. If you are willing to look at a home that needs more than just a little work, one that might be in a less desirable area of town, and your income falls within the plan limits, you may want to take a look at this program or its counterparts at the Pinellas County or the State of Florida websites.
Update 12pm Friday June 2: City Council changed the maximum sales price to $226,000
Jim Johnson
4 years ago
Hillsborough County also offers a down payment assistance program for first-time home buyers:
http://www.hillsboroughcounty.org/hcce/affordablehousing/firsttime.cfm
PortTampa
4 years ago
I am a big believer in home ownership, and support programs like down payment assistance. However, I fear affordable rental housing is being ignored. Home ownership does not make sense for everyone at every point in their lives, no matter what real estate agents say.
jason
4 years ago
“no matter real estate agents say.”
lol, it is funny because it is true.
wifey
4 years ago
When I bought my first house my agent told me I qualified for 125k, on $9 an hour and my spouse at the time making $10. My response was I wanted to eat too!
Rachel*
4 years ago
This program has been available for years. There are a couple of non-profits who were paid a few years back to connect people and program benefits but they didn’t do such a great job of it and the money basically stayed with the City.
At its highest use, it’s intended for people like those being relocated from Central Park in Ybor who might suddenly be inspired to get their own joint, although that’s doubtful, isn’t it?
Jason
4 years ago
“I qualified for 125k, on $9 an hour and my spouse at the time making $10. ”
Yeah at 7% your payment with taxes and insurance would have been right at about 33% of your gross income which is recommended. However in reality that makes budgeting difficult with a family.
Jason
4 years ago
and today I see they raised the limit to $224k!
Anonymous
4 years ago
im glad to know that my absurd taxes will go to underwrite shitbums who will soon require yet more taxes to pay for code enforcement, police and fire when their dumpy houses turn into trash-strewn firetraps and dope dens. thank you tampa!
Jason
4 years ago
That is right anon, I hate poor people too. They are so POOR!!!
Pink
4 years ago
Actually, there are several different Federal, state, local, and even privately-financed programs out there targeting people at several different income levels. The standard we use is where the family’s income falls as a percentage of the area median income (AMI), which is about $54K annually for a family of four in the Tampa/St. Pete/Clearwater Metropolitan Statistical Area. Many of the programs target families at 80% of the AMI, but these people are getting priced out of homeownership market even with deep subsidies. State and local governments have realized that moderate income people (80-120% of AMI) also need help and have raised their income limits and amounts of subsidy. Some programs even go up to 150% of AMI (approximate family income of $80K annual). And there are special programs that target certain critical occupations such as teachers, nurses, and emergency workers. So you don’t have to be living in poverty to get assistance (though there are programs for people who are low-income), you don’t have to buy a house that is run-down (though there are programs for rehab), and you don’t have to buy a house that is in a bad neighborhood (though there are programs for targeted areas).
To find out about local programs, go to your city’s or county’s housing department website. For state programs the place to start is the Florida Housing Finance Corporation at http://www.floridahousing.org. But if you are a really savvy homebuyer, you’ll check out http://www.hud.gov to find a local HUD-certified housing counseling agency. There are several very worthwhile agencies in the area and they can walk you through the process and figure out which program fits your needs.
Sticks of Fire: a Tampa blog » pink helps too
4 years ago
[...] A lot of people commented on my story on downpayment assistance available for homebuyers from local government. One of those comments was so informative that I wanted to repost it here.  “Pink” was smart enough not to leave an email or website for herself(?) so we could pester her, but I hope some of you find the information helpful. (thanks Pink!) Actually, there are several different Federal, state, local, and even privately-financed programs out there targeting people at several different income levels. The standard we use is where the family’s income falls as a percentage of the area median income (AMI), which is about $54K annually for a family of four in the Tampa/St. Pete/Clearwater Metropolitan Statistical Area. Many of the programs target families at 80% of the AMI, but these people are getting priced out of homeownership market even with deep subsidies. State and local governments have realized that moderate income people (80-120% of AMI) also need help and have raised their income limits and amounts of subsidy. Some programs even go up to 150% of AMI (approximate family income of $80K annual). And there are special programs that target certain critical occupations such as teachers, nurses, and emergency workers. So you don’t have to be living in poverty to get assistance (though there are programs for people who are low-income), you don’t have to buy a house that is run-down (though there are programs for rehab), and you don’t have to buy a house that is in a bad neighborhood (though there are programs for targeted areas). To find out about local programs, go to your city’s or county’s housing department website. For state programs the place to start is the Florida Housing Finance Corporation at http://www.floridahousing.org. But if you are a really savvy homebuyer, you’ll check out http://www.hud.gov to find a local HUD-certified housing counseling agency. There are several very worthwhile agencies in the area and they can walk you through the process and figure out which program fits your needs. Comment by Pink — June 2, 2006 [...]
Ben
4 years ago
Anon,
I guess I am one of those Bums… one of the bums that recently got out of the military, used your tax dollars to get an education on the GI Bill, works about 50 hours a week while going to school full time and manages a kick ass website all at the same time ( found at canofwormsblog.com )
I have been looking into a program like this because even with a combined income of around 50K it is very hard to find affordable housing. 10 years ago I could have lived in a very nice large house with that kind of income. So I guess I am one of those bums. By the way, does the brand new townhouse I live in constitute a dumpy house?
I would call you an asshole but that is unfair to real assholes.
Steven Paul
2 years ago
I would like to pipe in about DAP. First I would like to say that my wife and I would not be in a home right now if it wasn’t for Down Payment Assistance. We had jobs, but they just paid the bills and the rent. We wanted to get into a home that we could put much sweat equity into and make it a good investment, but we didn’t have 20% to put down on a home that would not pass a housing inspection. If a home can not pass a inspection (Needs TLC) the lender wants 20%. Also paying $1000 dollars a month in rent would not let us save. The cycle keeps the average american down. Reserving the profitable home purchases for the investor that will turn it into more rental property. America the land of the renters. I found a company http://www.stuntloan.com that did our down payment. They gave us great service and made the whole process happen. Now we pay $400 a month and have increased the value of our home by at least $30,000 or more. Stunt Loan let us get our foot in the door and buy a fix me up. I hope they don’t take this option away and continue to assist the renting cycle that keep many Americans down.