Coral Springs homebuyers could receive up to $80,000 in assistance through Broward County housing program
Coral Springs, Florida – Coral Springs residents looking to buy a home may soon have another source of financial support, with a county program offering eligible buyers up to $80,000 in assistance toward a purchase in the city.
The Coral Springs City Commission approved an interlocal agreement with Broward County during its Aug. 5 meeting. The agreement allows the city to participate in a home purchase assistance program funded through HOME funds.
The program is designed to help eligible individuals and families who are trying to become homeowners in Broward County. However, the assistance is not automatically available to everyone who applies. Prospective buyers must meet several requirements before they can be considered.
Applicants must first complete an eight-hour housing counseling workshop. They also need to receive approval from a lender and have a home under contract. After those steps are completed, applicants must submit an application to the Broward County Housing Finance Division.
Funding for the program becomes available on Oct. 1 each year. Once money is available, applications are considered on a first-come, first-served basis, according to Sayona Khandwalla, a spokesperson for the City of Coral Springs.
For people purchasing a home within Coral Springs, the maximum assistance can reach $80,000. The amount of assistance available to an individual applicant can depend on the program and available funding.
The financial help could be particularly significant for prospective buyers who are struggling to cover the upfront costs associated with purchasing a home. Saving for a down payment and other purchase-related expenses can be a major challenge, especially in a housing market where home prices remain high.
The program is not funded directly by the City of Coral Springs. Khandwalla said the city does not contribute money to the HOME program. Instead, the funds are allocated to Broward County by the U.S. Department of Housing and Urban Development, commonly known as HUD.
The city commission’s approval of the interlocal agreement provides the framework for Coral Springs residents to take part in the county program.
Because funding is limited and applications are reviewed in the order they are received once funds become available, potential buyers who believe they may qualify will need to complete the required steps before applying.
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The housing counseling requirement is also an important part of the process. Applicants must complete the full eight-hour workshop before they can be considered for assistance, along with obtaining lender approval and securing a contract for a home.
The program applies to people seeking to purchase homes in Broward County, with applicants purchasing in Coral Springs eligible for up to $80,000 in assistance.
For local residents who have been waiting for a chance to buy a home, the program could provide a substantial boost toward making a purchase possible. However, eligibility requirements, available funding and the first-come, first-served process mean that completing the required steps does not guarantee that assistance will be awarded.
Funding becomes available each year on Oct. 1, giving prospective homebuyers a specific date to keep in mind as they prepare for the application process.
