Homeownership Program

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About the Southeast Overtown/Park West CRA Homeownership Program:

The Southeast Overtown/Park West Community Redevelopment Agency (“SEOPW CRA”) announced the launch of its affordable homeownership program. While addressing the City’s growing affordability crisis, the SEOPW CRA redevelopment goal is to not only provide accessible affordable housing but to also transform Overtown from a multi-family rental community into a multi-family homeownership community.

The SEOPW CRA, along with Miami-Dade County and the City of Miami own over 30 parcels of land that can be developed to accommodate new homeownership opportunities in the redevelopment area. The SEOPW CRA has the experience and financial means to build new construction homeownership opportunities, which is a major priority approved by the City of Miami Commission. The Southeast Overtown/Park West Community Redevelopment Agency Homeownership Program application seeks to qualify eligible households to participate in the Southeast Overtown/Park West Community Redevelopment Agency Homeownership program.

Eligibility:

Be a resident of Miami-Dade County.
Have an income less than or equal to 80% of the area median income, adjusted for family size.
Not have owned a home in the past 3 years (exceptions will be made to single parents who are displaced homemakers).
Must not have filed bankruptcy within the past 24 months.
Secure mortgage with a participating lending institution (bank).
Complete an approved First Time Home Buyers workshop.

What we offer:

The planned inventory under the SEOPW CRA Homeownership Program include the following:

SEOPW CRA Quadplex—In Fall 2020, the SEOPW CRA hosted a groundbreaking ceremony to break ground on the construction of the four-unit 6,661 square feet condominium located at 244 NW 16th Street. It will include one 3-bedroom/2.5 bath bedroom unit, two 2-bedroom/2.5-bathroom units, and one 1-bedroom/1-bathroom handicap accessible unit. The project is expected to be completed at the end of 2022. Applications will be announced and released at the appropriate time.

Town Park Plaza North—In 2018 the SEOPW CRA purchased 19 available condominium units at Town Park Plaza North located at 1945 NW 5th Place. For the short-term use, the SEOPW CRA is currently using units as temporary relocation housing while the SEOPW CRA completes rehabilitation projects at Town Park Plaza North, Town Park Plaza South and Town Park Village. Once projects are complete, the units will be added to the SEOPW CRA Homeownership Program and will be sold at an affordable cost for future homeowners. Applications will be announced and released at the appropriate time.

Future development—The SEOPW CRA is in the design phase for a 24-unit condominium, mixed-use development located at 1611 Northwest 3rd Avenue. Applications will be announced and released at the appropriate time.

How to apply:

Step 1: Download homeownership application online by clicking HERE or you can pick up an application for the Homeownership Program at the offices of the Southeast Overtown/Park West Community Redevelopment Agency located at 819 NW 2nd Ave, 3rd Floor Miami, FL 33136.

Step 2: Gather all documents listed in the “SEOPW CRA Homeownership program Homebuyer Checklist: (attached; see page 2), under the header “Provided by Homeowner” and “Provided by the Lender,” for eventual submittal to the SEOPW CRA in one package.

Step 3: Attend an approved Homebuyer Counseling workshop. (See approved list on page 4 of homeownership application titled “Homebuyer Counseling Agencies” ).

Step 4: Contact any of the “Participating Lenders” to obtain a loan commitment and to be pre-qualified for a mortgage loan, subject to the SEOPW CRA’s down payment amount. To obtain the Participating Lender’s list, see page 5 of homeownership application.

Step 5: Specifically, for Southeast Overtown/Park West Community Redevelopment Agency Homeownership Opportunities; Please respond to a Southeast Overtown/Park West Community Redevelopment Agency Homeownership Public Notice on homes available for sale within the Southeast Overtown/Park West Community Redevelopment Area.

Step 6: Have your lender provide you with a full mortgage commitment.

Step 7: Fill out the SEOPW CRA Homeownership program application, include all proper documentation, and submit the required documents to your lender. Have your lender submit your loan package to the Southeast Overtown/Park West Community Redevelopment Agency located at 819 NW 2nd Ave, 3rd Floor Miami, FL 33136.

The application will be evaluated on a first-ready, first-qualified basis. The Southeast Overtown/Park West Community Redevelopment Agency reserves the right to cancel any and all applications based on lack of funding availability.

For further information on the Southeast Overtown/Park West Community Redevelopment Agency Homeownership Program, please call 305-679-6800. To download homeownership application, click HERE.