On March 7, 2024, the City of Jacksonville unveiled a $2 million initiative aimed at facilitating the transition from renting to homeownership for qualified residents. Dubbed the Down Payment Assistance Program, it offers financial support to eligible individuals and families residing in Duval County.
Under this program, qualified applicants can receive assistance of up to 75% of the total down payment or closing costs required by their mortgage lender, with a cap of $25,000 per household. The initiative targets single-family homes with a maximum value of $335,000.
To qualify for the program, applicants must meet certain criteria. They must be first-time homebuyers, defined as individuals who have not owned a home in the preceding three years or more. Additionally, their gross income should not exceed 120% of the Area Median Income (AMI) for Duval County.
The income thresholds for eligibility are as follows: $74,400 per year for an individual, $84,960 for a family of two, $95,640 for a family of three, with an increase of approximately $10,000 for each additional family member.
Mayor Donna Deegan expressed her vision for Jacksonville as a city where every resident has the opportunity to thrive. She emphasized the significance of the program in supporting aspiring homeowners in the community.
“My vision for Jacksonville is a city where every person, every single one of us, has the opportunity to thrive,” said Mayor Donna Deegan. “The program we are announcing today is taking another step towards that future by supporting some of our neighbors and their desire to become homeowners.”
The Down Payment Assistance Program aligns with the city’s broader efforts to promote affordable housing and economic empowerment among its residents.
Interested residents should apply directly for The Down Payment Assistance Program with an approved mortgage lender. Please take note that you are not applying directly to the city. The list of approved mortgage lenders and complete program information is available at https://www.jacksonville.gov/downpayment
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