Counties get home-buying aid: Home buyers in 13 Florida counties, including Broward and Miami-Dade, affected by last year's hurricanes could get help.

TALLAHASSEE, Fla. -- March 6, 2006 -- Eligibility rules for a statewide program providing financial assistance to Florida residents wanting to buy a home are being loosened to help those in Miami-Dade, Broward and 11 other counties affected by last year's hurricanes.

The Florida Housing Finance Corporation, which administers state and federal housing programs, said the program -- usually restricted to first-time home buyers -- will now allow any prospective home buyer to apply for 30-year, fixed-rate mortgages through the state's housing bond program.

It is making available $77 million statewide.

"We've had two seasons of four hurricanes per season, which is unprecedented in the history of the state," said Steve Auger, the corporation's executive director.

"That's creating a lot of extra challenges for homeowners looking for affordable housing."
The $77 million is being made available through the Single Family Mortgage Revenue Bond program.

The Gulf Opportunity Zone Act, approved by Congress following last year's hurricane season, relaxed some rules to qualify in those areas affected by the storms.

It is waiving the requirement that participants be first-time homebuyers and raising purchase price and income limits.

In Broward and Miami-Dade counties, the income ceiling for a one- or two-person household will be $63,060; the purchase price of a home can be no greater than $405,263.

The 13 Florida counties targeted by the act are Brevard, Broward, Collier, Glades, Hendry, Indian River, Lee, Martin, Miami-Dade, Monroe, Okeechobee, Palm Beach, and St. Lucie.

Local housing finance authorities, such as the Miami-Dade Housing Finance Authority, also fund their own bond programs that are eligible for the same waivers under the act.

"This is fantastic news for Dade County because we do have a crisis in housing, and this will be one of the ways to alleviate it," said Miami Dade County Mayor Carlos Alvarez.