Housing Jackpot

Housing Jackpot
45 Miami-Dade residents receive second mortgage in county housing lottery.

Cheers could be heard from Miami-Dade County Hall yesterday as the names of 45 people were announced as winners of the county's housing lottery. Selected from 138 entrants, these lucky few are now eligible to receive second mortgages up to $80,000 on the purchase of an affordable home or condo, valued less than $225,000. With the recent drop of housing prices there, this boost brings many more properties within reach for low-to-moderate income families. The program was established to bridge the financing gap for buyers unable to qualify for enough bank assistance to get into a new home. Furthermore, the restriction to buy at properties which receive county subsidies is no long in place, allowing winners to utilize these mortgages wherever they like. The county had begun advertising the housing lottery back in August and is now considering making it an annual event. Congratulations winners, enjoy your new homes.