JACKSONVILLE, Fla. — It's a program to help renters in Jacksonville achieve their goal of becoming homeowners.
On Thursday, the City of Jacksonville unveiled a pilot program that can help prospective homebuyers with down payment and closing cost assistance for a home.
There are $2 million in city funds are now available to Jacksonville residents who want to buy their first home. Mayor Donna Deegan was joined by other city officials to announce the 2023-2024 Down Payment Assistance Home Ownership Program, which aims to help people on the path to homeownership.
"This is going to be transformational for our neighbors who are pursuing the American dream of homeownership," said Deegan.
The announcement was made in front of a recently built home that is for sale on E. 25th Street on Jacksonville's Eastside. In order to qualify for this program applicants must be a first time homebuyer (or not owned a home in the previous 3 years) and plan to buy a home in Jacksonville valued at $335,000 or less.
The program will provide up to 75% of down payment or closing cost assistance up to $25,000 to individuals or families earning 120% of the area median income. Prospective homebuyers can combine this program with other programs and grants.
City Councilwoman Ju'Coby Pittman grew up in Jacksonville and plans to tell renters in her district about this opportunity.
"It empowers individuals who live in communities like this to say, you know what, I can do it, I don't have to continue to stay in an apartment," said Pittman.
Multiple families rent their homes down the street from the press conference. Celia Baez said down payment assistance would be a huge boost to her goal of homeownership.
"It would be very beneficial to us because it's a lot of money that's hard to get," said Baez, "sometimes work is down, sometimes we don't have financially the money in our hand."
"It's a revelation in this community and I think we need to have more incentives and more dollars available," said Pittman.
"Already we know it's a big need," Mayor Deegan said "so when you say can it move the dial, I think the dial starts with one turn, you're not going to solve all of the problems overnight."
While the $2 million comes from city funds, interested residents should apply to the program directly with participating lenders. More information about the program, including a complete list of participating lenders, can be found here.