Dream Homes Lottery Open in Miami-Dade; Applications Invited from Aspiring Homeowners
Attention Aspiring Homeowners: This might be the opportunity you’ve been waiting for.
Low-income residents in Miami-Dade County have a unique opportunity to purchase one of two homes at an amazing price, with a remarkably low down payment.
Participation in the program is subject to specific eligibility requirements.
Eligibility Requirements
- You must have a minimum credit score of 580.
- Your household income has to be at or below 120% of the area median income.
- Employment for at least two years or equivalent income source.
- A commitment to use the home as a primary residence for the 20-year control period.
- And availability of a 3% down payment (approximately $11,820).
Applications for the Dream Homes Lottery are now open, as announced by Miami-Dade County Public Housing and Community Development. Aspiring homeowners have the opportunity to purchase one of two homes located at 15300 SW 296th Street in Miami.
Every home offers four bedrooms and two baths, with sizes of 1,813 square feet and 1,777 square feet, respectively. The cost of the purchase is $394,000.
“To place it into context our median home value in Miami-Dade county is close to $600,000 — many families individuals young find that median price to be an impossible goal to attain,” said Commissioner Danielle Cohen Higgins.
Cohen Higgins, the representative for District 8, expressed his support for the Dream Homes Lottery, highlighting how it reflects the county’s dedication to creating opportunities for all residents to pursue their aspirations in Miami-Dade.
Applications
If you want to apply, here is some key information:
- Applications can only be submitted online.
- Applications received during the open registration will be entered into a computer-generated random selection process.
- A confirmation number will be issued to applicants who have been successfully qualified.
Qualified applicants have the chance to secure their dream home through a selection process that is fair and transparent. Applications will be accepted online from July 24 to Aug. 7.
Out of the ten highly qualified applicants, only two fortunate individuals will be selected to win the lottery, provided they meet all the necessary requirements. The announcement of the winners is still pending.
