(Friday, November 3, 2023) – In March of this year, I wrote about resources offered by Miami-Dade County for condominium owners in need of assistance with their special assessment for the 40-year recertification, as well as resources to help home buyers. I’d like to remind our residents that these resources are still available. Additionally, I know a resident who applied for the Condo Special Assessment Program and received approval for a 0% interest loan for a 40-year term. Here is a brief description of the program:
Miami-Dade County Condominium Special Assessment Program:
This program assists owner-occupied condominium homeowners with limited finances and addresses special assessment requirements associated with repairs due to recertification. Surtax funds will be in the form of a loan at zero interest rate and a household income of up to 140% of the Area Median Income. The monthly payment for moderate-income families will be calculated at a 0% interest rate for 40 years.
Applications for some of these programs have been low. I believe it is important that residents are aware of and utilize these programs, especially during this time of economic uncertainty. Feel free to reach out to me if you require more information or assistance.