The housing lottery is coming to Miami-Dade: Learn how to apply (+Details)

The city of Miami-Dade launched the Dream Homes Lottery program open to all aspiring homeowners who are low-income residents.

The initiative offers aspiring homeowners the opportunity to purchase one of two available homes located at 15300 SW 296 Street in Miami.

These homes feature 4 bedrooms and 2 bathrooms, with sizes of 1,813 square feet and 1,777 square feet, respectively. The purchase price is $394,000.

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Miami-Dade Housing Lottery

The program is a housing lottery implemented by Miami-Dade County’s Public Housing and Community Development department. To apply, residents must meet certain requirements.

Interested persons can submit their application online from July 24 to August 7.

Random selection of winners

Commissioner Danielle Cohen Higgins said the Dream Homes Lottery is an example of the county’s commitment to making Miami-Dade a place where everyone can achieve their dreams.

“The median home value in Miami Dade County is close to $600,000, and many young families consider that median price to be an impossible goal to achieve,” Cohen Higgins said.

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Online applications submitted during open registration will enter a random selection process to determine qualified applicants.

Applicants selected to enjoy the benefits of this program will receive a confirmation number.

Requirements to be eligible

• You must have a minimum credit score of 580.
• Your household income must be at or below 120% of the area median income.
• Employment for at least two years or equivalent source of income.
• A commitment to use the home as your primary residence during the 20-year control period.
• 3% down payment available (approximately $11,820).

Only two winners will be selected for the lottery if they meet all requirements. It is not known when the winners will be announced.

For more information or details of the initiative you can go to the county website with program information.

With information from Telemundo

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