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Margate giving away $100,000: Still no takers
• First time homebuyer assistance program helps local workers
Tuesday,
June 22, 2010
Margate has roughly $100,000 in grant money available to employees of businesses located within Margate’s Community Redevelopment Area.
After offering ‘first time home buyer assistance’ to city, county and North Broward Hospital district employees and not getting any takers, the city has approved advertising the grant for MCRA businesses.
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The program is open to first time homebuyers (defined as not having owned a home within the last three years) whose total household income falls within the 80% to 120% median family income for the Fort Lauderdale Metropolitan Statistical Area.
Applicants must have a 3% down payment for the property above and beyond grant funds.
Assistance will be provided in the form of a deferred payment loan of up to $7,000 per household, a conditional grant that involves a lien on the purchased property.
Additional loan amounts of up to $3,000 will be available to households purchasing bank-owned foreclosure properties that need repairs.
All loans will have a seven year term. During the term, no payments are required and no interest will accrue. The total amount due will decrease in equal amounts during the seven year term of the loan on a calendar year basis.
If the owner should sell, move, refinance the property for equity or fail to maintain the property within reasonable standards of care and maintenance, then said owner will have to pay back the grant.
For more information regarding first time homebuyer assistance in Margate, contact the Margate Grants Office at 954-973-0300 or email grantswriter@margatefl.com.
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