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HOUSING PARTNERSHIP PROGRAM
En Espanol
The City of Hollywood's Housing Partnership Program is a partnership with several local lending institutions established
for the specific purpose of providing special mortgage loans to home buyers.
The service is provided for existing and new construction homes located within Hollywood's city limits. Eligible
properties include single-family homes, town homes, condominiums, or owned occupied duplexes permitting fee simple
ownership. The purchase of multi-family properties with a maximum of four units is also permitted, provided that one of the
units is owner-occupied.
The program has been designed to assist persons who have traditionally been unable to obtain private mortgage financing.
Our goal is to increase home ownership opportunities and improve the existing housing conditions in Hollywood.
FIRST TIME HOME BUYER PROGRAM
The City of Hollywood will provide a no interest 2nd mortgage (based on income) to be used for down
payment and/or closing cost assistance. No payments will be due on this loan as long as you are living in the house.
This loan may become due upon refinancing.
The City works in
partnership with local banks to finance loans up to 1% of the Purchase
Price from their own funds, with an additional 2% in verifiable
reserves. All mortgages are a fix rate and can be amortized up to 40
years and are not assumable.
The participating bank will provide special mortgage financing specifically designed for City of Hollywood
first time
buyers.
The maximum purchase price CANNOT exceed $362,790 for existing and
new construction. The property must be located within the boundaries of the
City of Hollywood. Applicants cannot have owned a home within the past 3 years. Applicants must
meet Federal income
guidelines established for Broward County. The total gross household
income cannot exceed the following guidelines:
| Family Size |
Family Income |
| 1 |
$59,760 |
| 2 |
$68,400 |
| 3 |
$76,920 |
| 4 |
$85,440 |
| 5 |
$92,280 |
| 6 |
$99,120 |
| 7 |
$105,960 |
| 8 |
$112,800 |
EXISTING HOMES
The Housing Partnership Program provides an opportunity for First Time
Home Buyers to purchase an existing home. The City will contribute a no
interest 2nd mortgage of $70,000 (based on income)
to be used for down payment or closing cost assistance.
The maximum purchase price cannot exceed $362,790, must be located
within the City of Hollywood and must pass a full property inspection at
the time of closing.
NEW CONSTRUCTION
The Housing Partnership Program provides an opportunity for first time buyers to build a new single family home.
The City will contribute a no interest 2nd mortgage of $70,000. These funds are used to assist with the cost of new construction (down payment, closing cost and the
purchase of a lot).
The maximum sales price cannot exceed $362,790 and the site must be located within the boundaries of the
City of Hollywood.
FIRST TIME HOME BUYER WORKSHOPS
If you are interested complete the First Time Homebuyer
application provide a non- refundable application fee of $12.00 per
borrower. Mail original application with money order for appropriate fee
to:
City of Hollywood Department of Housing and Community Redevelopment
P.O. Box 229045
Hollywood, FL 33020-9045
Once we receive your application you will be scheduled within 90 days
to attend a mandatory educational workshop.
You Will Learn:
- Savings
- Credit
- Budgeting
- Property Maintenance
- Mortgage Documentation
- Real Estate Contracts
- Income Qualification
- Fair Housing
- Predatory Lending
- Home Inspections
PROGRAM ADMINISTRATION
Should
you have any further questions, please contact Kristina Fausel at (954)
924-2922 or Jennie Dennett at (954) 921-3383.
First Time Home Buyer Application:
The
First Time Home Buyer application is available for download. Please click on
the "Download Document" link.
This form is in Adobe Reader (PDF) format. If you do not have the free Adobe
Reader,
click here.
First Time Home
Buyer Application
Until further notice, The Department of Housing and Community
Redevelopment is unable to fund applications for subsidy assistance.
However, you may still apply and take advantage of the Homebuyer workshops
and free services provided by the City of Hollywood.
WARNING: The applicant certifies that he/she is familiar with
the residency restrictions established through the adoption of Chapter 135 of
the Code of Ordinances No. 0-2007-21 entitled "Sexual Offenders/Designated
Predator Residence Restrictions", and may not be able to reside at the
chosen location because it is within 1000ft of a restricted area.
Download Document
Mail Application to:
City of Hollywood Department of Housing and Community Redevelopment
P.O. Box 229045
Hollywood, FL 33020-9045
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