Miami-Dade County’s Special Assessment program has been open for two months and so far only dozens of people have applied.
With new condo safety laws on the books many condo associations are looking to make needed repairs. But those repairs come at a cost and not all residents have extra money to cough up on short notice.
In Miami-Dade County, condo owners have another way to pay for special assessments.
“We can assist certain condo owners with up to $50,000 in a very low interest loan,” Ignacio Ortiz-Petit said.
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Ignacio Ortiz Petit is the Senior Executive Assistant to the executive director of Miami-Dade Public Housing.
He says so far only 85 condo owners have applied.
“It really does help in these situations when assessments are levied,” Ortiz-Petit said.
If you live in your condo and it is your primary residence you may qualify.
For single applicants, your income must be below $95,620. For couples, the cut off is $109,200. And for a household the income limit is $136,500.
The program offers a low interest loan of up to $50,000 for special assessment costs.
Ortiz-Petit said this program is just another option for condo owners to consider when looking for a way to pay their special assessments.
“When you go through these recertification processes, a lot of times you have to fix the building,” Ortiz-Petit said.
The payback terms of the loan vary depending on income.
For low-income families, the monthly payment will be $50 of the balance due at maturity. For moderate-income families, the monthly payment will be calculated at a zero interest rate for 40 years.
Any cash assets over $50,000 must be used for a down payment of up to 10% of the loan amount.
This program currently has a total of $9 million available.
“I know many condo owners including myself have faced special assessments in the past and this is just another tool, another place where you can go and get help,” Ortiz-Petit said.
For more information on how to apply, visit Miami-Dade County website.