Affordable Home Ownership Assistance Program

Helping our residents achieve and sustain homeownership

The Affordable Home Ownership Assistance Program (AHOAP) provides down payment and closing cost assistance to eligible households with extremely low, very low, low and moderate income levels (see income chart below). For purchase of existing housing, the program also provides for a home inspection and modest rehabilitation costs.

To see if you qualify for the AHOAP:

The path to homeownership usually begins with an assessment of eligibility and credit through one of our non-profit agency partners. Our partners are as follows:
 

Central Fl. Community Development Corp.
847 Orange Avenue, Suite A
Daytona Beach, Florida
(386) 253-3232
or
Mid-Florida Housing Partnership, Inc.
1834 Mason Avenue
Daytona Beach, Florida
(386) 274-4441
 

These agencies will conduct pre-screening and pre-qualifying for eligibility; credit assessment and counseling; homebuyer education classes; interim assistance during the qualification, home-buying and construction processes; and post purchase counseling subsequent to occupancy. In addition to providing homeowner education classes, these agencies help clients identify barriers to home ownership and work their plan to overcome them. Once their homeowner education classes are completed, clients will receive the Certificate of Completion, but may still have to work on credit or other barriers. Clients must be able to qualify for their own mortgage.

HUD 2009 Daytona Beach, FL MSA Income Limits:    Extremely Low Very Low Low Moderate Family  Income Income Income  Income  Size 30% 50% 80% 120%           1  $11,600 $19,300 $30,900 $46,320 2  $13,250 $22,100 $35,300 $53,040 3  $14,900 $24,850 $39,750 $59,640 4  $16,550 $27,600 $44,150 $66,240 5  $17,850 $29,800 $47,700 $71,520 6  $19,200 $32,000 $51,200 $76,800 7  $20,500 $34,200 $54,750 $82,080 8  $21,850 $36,450 $58,300 $87,480 Income limits are updated annually by the U.S. Department of Housing and Urban Development (HUD)

Eligibility Requirements:
The applicant/owner(s) must:

1. Be income eligible according to the current established HUD Section 8 Program Income Limits
2. Purchase a home within the city limits of Daytona Beach
3. Secure first mortgage financing
4. Contribute at least $500.00 of their funds toward purchase of the home
5. Complete a first-time homebuyer homeownership education class
6. Successfully complete credit counseling
7. Purchase a home that meets (or with program rehabilitation will meet) all applicable housing codes
8. Maintain the property in “good” condition
9. Occupy and keep the home as their primary residence.

Eligible housing for purchase

• Existing viable single-family homes, town houses, or condominiums within the city limits of Daytona Beach with a purchase price of $258,690.60 or less.
• New construction single-family homes, townhouses, or condominiums within the City limits of Daytona Beach with a purchase price of $258,690.60 or less, including the cost of the lot.

City assistance available to an approved household

• Based on requirement need, household income, family size and availability of funding and services.
• The potential homebuyer’s liquid assets cannot exceed $5,000, which does not include necessary personal property such as furniture, automobiles and clothing.
• Approved extremely-low and very–low income households are eligible for up to $50,000 in assistance.
• Approved low-income households are eligible for up to $40,000 in assistance.
• Approved moderate-Income households are eligible for up to $30,000 in assistance.
• Rehabilitation assistance for existing homes shall not exceed $15,000.

Property restrictions
Property assisted under the AHOAP must be maintained in “good,” decent, safe and sanitary condition and occupied as the principal residence of the homebuyer(s) during the entire affordability period.

Repayment provisions
All city assistance provided (including lot contributions) becomes due and payable in full:

1. if the homebuyer(s) ceases to occupy the property as their principal residence
2. in the event of rental, sale, refinance and/or transfer of the property or any interest in the property
3. upon the death of the homebuyer(s) and their heirs are determined AHOAP ineligible