Subsidies

Operation New Hope assists individuals through its access to low interest financing and grant money, as well as subsidies available to first-time home buyers and those falling within the Area Median Income range.

Neighborhood Stabilization Program (NSP) 

• Zero percent interest, non-amortizing second mortgage = no monthly payments
• Provides up to $40,000 for down payment/closing cost assistance
• Must be at or below 120% Area Median Income
• Repayment is required if owner occupancy is less than 15 years
• Mandatory 8-hour homebuyer information course
• Must not currently own a home and NSP home must be your primary residence
• Contribute a cash contribution of $500, minimum
• Home must be designated NSP in target neighborhood and listed with approved Participating NSP  Developer

The Head Start to Homeownership Program (H2H) 

• Total household income cannot exceed 80% the Area Median Income
• Up to $20,000 interest-free, subsidized second mortgage, where after 15 years of owner-occupancy the debt is forgiven, however repayment is required in full if the dwelling is sold within the 15 year timeframe.
• $500 down payment
• Mandatory 8-hour homebuyer information course

Florida Assist

• Zero percent interest, non-amortizing second mortgage = no monthly payments
• Provides up to $7,500 for down payment/closing cost assistance
• Must be at or below 100% Area Median Income
• Repayment is required
• Mandatory 8-hour homebuyer information course

Homeownership Assistance for Moderate Income
(HAMI) Program

• Qualification is based on income not exceeding 120% the Florida Assist Program
• Provides up to $5,000 for down payment/closing cost assistance
• Interest rate of 5%; repayment is amortized over 10 years
• Mandatory 8-hour homebuyer information course

Community Housing Development Organization (CHDO)

Community Housing Development Organizations are neighborhood-based non-profit organizations that assist individuals with purchasing affordable housing.  By teaming with lenders and homebuyer counseling organizations, CHDO’s help potential income-eligible buyers qualify for down payment and closing cost assistance.  As a registered CHDO, Operation New Hope is eligible for up to $30,000 in assistance, per home, from the City of Jacksonville.

Federal Home Loan Bank (FHLB)

• Provides matching funds to qualified first-time homebuyers; A maximum contribution of $7,500 with a ratio of 5 to 1.
• Mandatory 8-hour homebuyer information course
• Contribute a cash contribution of $500, minimum
• Must be a first-time homebuyer
• Must retain owner-occupancy for no-less than five years