ANALYSIS:
The City’s First-Time Homebuyer and Homeowner-Rehabilitation Programs are funded by the State Housing Initiatives Program (SHIP). SHIP serves households up to 120% AMI which is inclusive of many of the working class households being targeted. SHIP requires that at least thirty percent (30%) of the City’s annual allocation be expended on very low-income households and a minimum of an additional thirty percent (30%) of funds to serve participants from low-income households. The chart below outlines the income eligibility requirements for SHIP:
Miami-Dade County
(Miami-Miami Beach-Kendall HMFA; Miami-Ft. Lauderdale Pompano Beach
Median $52,300
|
Percentage Category
|
Income Limit by Number of Persons in Household
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
30%
|
$16,550
|
$18,900
|
$21,250
|
$25,100
|
$29,420
|
$33,740
|
$38,060
|
$42,380
|
50%
|
$27,550
|
$31,500
|
$35,450
|
$39,350
|
$42,500
|
$45,650
|
$48,800
|
$51,950
|
80%
|
$44,100
|
$50,400
|
$56,700
|
$62,950
|
$68,000
|
$73,050
|
$78,100
|
$83,100
|
120%
|
$66,120
|
$75,600
|
$85,080
|
$94,440
|
$102,000
|
$109,560
|
$117,120
|
$124,680
|
While property values in the City have been strong as demonstrated by the median property value in the City being 94% greater than the national median of $205,000, this strong indicator also serves to impair the ability of low- to moderate-income households from becoming homeowners (Source: Shimberg Center at the University of Florida). As a result of the strong homeownership market, low- to moderate-income households are more likely to be renters and also face housing options with smaller units and fewer bedrooms (Shimberg Center at the University of Florida).
To bring the crux of our community’s housing needs to the fore, it should be noted that 13,137 households or roughly 49.6% of all households paying rent are spending at least 35% of their household income on housing costs (Source: American Community Survey, 2016). This cost burden to maintain housing undermines a household’s ability to save for a home, acquire suitable insurance coverage, obtain higher education and provide economic stability, among other milestones. As a point of perspective, the average public school teacher makes $45,723 per year according to Florida Department of Education.
Working with the City’s Office of Marketing and Communications, the City will market the two (2)current SHIP programs in the following ways:
- Utilizing social media to include Twitter, Facebook and Instagram
- Carrying a fixed advertisement in MB Magazine promoting the program so long as there is space available (as paying advertisers would take precedence)
- Working in conjunction with the Committee for Quality Education to ensure that local area educators are advised of these programs through their representatives on this Committee
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