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HEA administers tampa’s
affordable housing program:
Dare to own the dream
- The Housing and Education Alliance (HEA) opens the door to substantial down payment assistance.
- HEA administers Tampa’s Dare to Own the Dream program, which offers fully forgivable down payment loans up to $40,000.
- To qualify for the Dare to Own the Dream program, register today for HEA’s HomeTrack course
Learn More
Hea administers tampa’s
affordable housing program:
Dare to own the dream
The Housing and Education Alliance has been on the front lines of administering the City of Tampa’s Dare to Own the Dream (DARE) program for the past two years. The city is expanding the program, which offers down payment assistance loans to income-eligible first-time homebuyers. The goal of the program is to offer affordable housing for those who are eligible, especially as rent prices are skyrocketing.
The Importance of
Affordable Housing
According to Forbes, in today’s market, “affordable housing attracts a wide, diverse range of residents and is built of quality that matches or sometimes exceeds that of market-rate housing. Not only that, but affordable housing can be a much-needed boon to local, neighborhood businesses and larger companies alike.”
Some community-wide benefits include:
Increased Spending Power
Rent is usually the biggest monthly expense for low- to middle-income families. Individuals and families living in affordable housing know that they can afford their rent each month, so they are able to spend more on other necessities.
Job Creation
According to the National Low Income Housing Coalition (NLIHC), building and maintaining affordable housing helps create local jobs. Local businesses immediately benefit from the presence of a new workforce in the area. Providing food, fuel, and supplies expands jobs in the neighborhood.
Increased Taxes and Other Benefits for Local Governments
NLIHC Studies have shown that building as few as 100 affordable rental homes generates $2.2 million in sales and other taxes, as well as additional local government revenue from tolls, city fees, etc. Affordable housing developments also improve neighborhood security and play a role in lowering crime.
The benefits of affordable housing spread through the community strengthening families, businesses and municipalities.
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The DARE Program
Tampa Mayor Jane Castor cited increasing home prices as the reason for Tampa’s DARE expansion. “In the past, the program has been limited to homes that cost a maximum of $240,000,” she said. “Now, anybody that has taken a look at real estate in the city of Tampa recently, knows that that price is not reasonable any longer.” The new maximum of $300,000 reflects the more than 12.3% increase in average home prices in the city.
The program expansion also increases the amount on forgivable loans. Previously, loans of up to $30,000 were offered to buyers – provided they stay in the house for 10 years. That amount will now rise to $40,000.
The loan is in the second position behind primary financing from a mortgage lender and is typically known as a “silent second” because of the 0% rate and $0 monthly payment. The Deferred Payment Loan (DPL) can remain “silent” as long as the property continues to be the owner’s primary residence and owner-occupied. The program provides up to $40,000 to assist income-eligible first-time homebuyers to achieve the dream of homeownership.
Castor said a solution is needed to address rising rent prices. “Development is what you need,” she said. “We need housing units, not only here in Tampa, but throughout the state of Florida, and the quicker we can get the supply of homes, the quicker we’ll be able to lower these rents and prices for our houses as well.”
The Mayor also gave an update about the number of affordable units currently available in the city. “I made a very bold goal of 10,000 affordable units by 2027,” she said. “And I am very proud to say thanks to our Housing and (Community) Development team and many others, we are over 6,000 right now.”
How to Qualify?
There are limitations on who qualifies for the program. Prospective homebuyers must have:
- A household income that is at or below 140% of the Area Median Income. [The AMI in the Tampa Bay area is $82,050. 140% of the AMI is $114,870.] FEDERAL HUD AND STATE INCOME LIMITS for FY2022 as of 4/18/2022
- A debt ratio of 36/43%. Mid-Credit Score of 600.
- Purchase price up to $300,000.00 (if you qualify for primary financing)
- Minimum of $2,000 investment from the borrower with at least $1,000 from borrower’s own verifiable funds. The additional $1,000 may include POC’s (appraisal, inspections, etc.)
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Under the terms of the “Dare to Own the Dream” Homeownership Program, the loans are fully forgivable after 10 years, assuming still owner occupied.
There are also additional funds available in certain areas:
- When purchasing in East Tampa, another $40,000 is being offered.
- Hillsborough County will provide $25,000 to low-income people buying in City limits.
Buyers must use the approved lenders on the County’s page to qualify for the additional funding.
Potential buyers must:
- Begin process with Housing and Education Alliance or one of two other approved Housing Counseling agencies and MUST NOT be under contract before receiving a reservation number. The Counseling agency will provide education, complete the application with client, and collect documentation.
- Utilize the services of a Loan Officer and Real Estate Agent (if applicable), who is reflected on the City’s current Approved Lender List and current Approved Realtor List.
- Use an approved Loan type – Includes fixed and fully amortized products: FHA, VA and Conventional Affordable Housing Products allowed; ARM loans are not allowed.
- Passing a full independent Home Inspection by the Buyer & a HQS Inspection by the City are required before closing.
How to Apply and
Have Your Questions Answered
To receive more information on the program, you must register for the homebuyer class at www.heausa.org. Pick a class in your area. If you live in Hillsborough County, Orange County, or the City of Tampa, your class is paid for by your municipality. If you reside out of those areas, there is a charge of $50 per student. All classes are delivered by Zoom over 3 nights to comply with the minimum time required by HUD. This is an exciting and dynamic class where you will learn everything you need to know to be a successful homeowner. All your questions and more will be answered in class.
Housing & Education Alliance
9215 N. Florida Ave., Ste. 104
Tampa, FL 33612
813) 932-HOME (4663)
Kudos From Car Credit
Car Credit applauds the recognition of our Strategic Partner, the Housing and Education Alliance, a longtime leader in affordable housing efforts in Tampa Bay. Steve Cuculich, owner of Car Credit, gives HEA Executive Director Sylvia Alvarez kudos for playing a key role in this important initiative. “The Housing and Education Alliance was our very first nonprofit partner. Finding safe, affordable homes for our new neighbors is a mission close to our hearts. I’m encouraged to see this kind of collaboration and look forward to seeing successful results.”
