Purchase Assistance Program
 

Community Housing Initiative, Inc.
P.O. Box 410522
Melbourne, FL 32941-0522

Phone:    (321)  253-0053
Fax:        (321)  253-1575

Maximum Assistance Levels

The maximum assistance provided is based on the household income and need.
The actual amount of assistance will be the MINIMUM amount needed to get the homebuyer into a unit.
Very low-income homebuyers are eligible for up to $50,000, including project delivery fees.
Low-income homebuyers are eligible for up to $40,000, including project delivery fees.
Project delivery fees paid to Community Housing Initiative constitute a grant to the homebuyer, and are not included in the mortgage lien.
Basic Assistance Facts
 
The assistance is to be used for down payment, closing costs, and repairs (when necessary).

Down payment/closing cost/repair assistance is in the form of a deferred payment loan secured by a 0% interest mortgage forgiven as follows:
 

Assistance Provided

Lien Period

Amortization

Under $15,000

5 years

20% per year

$15,000 - $40,000

10 years

10% per year

More than $40,000 15 years 6.67% per year

Must be primary residence for the duration of the lien period.

In the event of default, then the interest is 5%.
The homebuyer must have ability to secure a first mortgage from an institutional mortgage lender.
The homebuyer must receive homebuyer education and one-on-one counseling BEFORE closing.
The homebuyer must make a minimum GOOD FAITH CONTRIBUTION towards the purchase ($750 for very low-income; $1,250 for low-income).
Preference is given to first time homebuyers.

  Unit Eligibility

Home must be located in city limits of Melbourne.
Mobile homes are not permitted.
When purchasing an existing home, the home must be in need of, or have received in the previous 12 months, code-related repairs.
The purchase price limit for new and existing homes is $189,682.
No home may have a swimming pool or similar amenity.
 
Total income from all sources for all household members
 must not exceed the following limits for family size:
Household Size Income Limits *
1 $32,100
2 $36,700
3 $41,250
4 $45,850
5 $49,500
6 $53,200
7 $56,850
8 $60,500

* 2006 Income Limits adjusted to Family Size

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