Program Summary¶
The Tampa CRA offers down payment assistance in the form of forgivable loans up to $50,000 to eligible homebuyers who purchase a home within a Tampa CRA boundary. The loan is in the second position behind primary financing from a mortgage lender and is typically known as a “silent second” because of the 0% rate and $0 monthly payment. The Deferred Payment Loan (DPL) can remain "silent" and is fully forgivable after twenty years, as long as the property continues to be the owner's primary residence and owner-occupied.
Potential Assistance is based on your Area Median Income:
- 0-50% AMI Not Eligible
- 50.01%-80% AMI can receive up to $50,000.00
- 80.01%-120% AMI can receive up to $40,000.00
- 120.01%-140% AMI can receive up to $30,000.00
Who’s Eligible to apply?¶
Individuals with HOUSEHOLD income between 50% and 140% of Area Median Income (AMI). You can look up your AMI using this tool.
Note: A minimum of $1,000 investment from the borrower is required.
What’s Eligible?¶
Homes located within a Tampa CRA district. There is no maximum purchase price. Loan types are flexible – fixed and fully amortized products: FHA, VA, and Conventional Affordable Housing products are allowed; ARM loans are NOT allowed.
Application Process¶
To participate, contact any of the following housing counseling agencies to begin the process.
Housing & Education Alliance
9215 N. Florida Ave., Ste. 104
Tampa, FL 33612
(813) 932-HOME (4663)
Website
Real Estate Education and Community Housing, Inc.
(R.E.A.C.H)
4006 S. MacDill Ave.
Tampa, FL 33611
(813) 397-6208
Website
Solita’s House, Inc.
1029 E. Hillsborough Ave.
Tampa, FL 33604
(813) 425-4847
Website
Tampa Bay Neighborhood Housing Services
608 N. Garden Avenue
Clearwater, FL 33755
(727) 405-2787
Website