Subsidies

Operation New Hope’s staff assists perspective homeowners in obtaining home buying subsidies available through a number of public and private organizations. Below are a few of the subsidies currently available to homebuyers in the Jacksonville Market. Let Operation New Hope’s staff help you identify and obtain the subsidies that will ensure you are getting the best deal available!

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