MIAMI – Miami-Dade Economic Advocacy Trust (MDEAT), a County agency committed to ensuring Black residents participate in Miami-Dade County’s economic growth, recently approved a dramatic increase to its Homeownership Assistance Program (HAP) subsidy.
During its November board meeting, trustees approved an action item that could increase the contribution to $28,500 for qualified borrowers.
“Miami has been labeled the epicenter of the nation’s housing affordability crisis. MDEAT is doing all we can to make the home buying experience more affordable for Black homebuyers,” said William “Bill” Diggs, MDEAT’s executive director.
“This increased support is a step in the right direction toward creating the multi-generational wealth and prosperity our community deserves.”
MDEAT’s Homeownership Assistance Program (HAP) aims to increase the number of first-time home purchases for low-to-moderate-income residents in Miami-Dade County. The zero-interest deferred loan provides funding for first-time homebuyers towards downpayment and closing costs, making it easier to get approved for a mortgage. Since 1995, the program has funded more than 7,900 families. More than 3,100 Black families have used MDEAT HAP to purchase homes in Miami-Dade County.
“According to Redfin, the average home in Miami sold for $529,000. Our increased subsidy helps low-to-moderate-income buyers secure lower interest rates and compete in this expensive housing market. Our program provides the added benefit of allowing participants to stack MDEAT funds with many other down-payment programs,” Diggs said.
Since its inception, HAP participants have successfully accessed $ 45 million from MDEAT and combined it with more than $180 million in homeownership funds from other governmental and not-for-profit entities. Interested parties must meet income requirements, complete a homebuyer education course, and obtain financing from a qualified mortgage lender.