City of Hollywood First-Time Homebuyer Purchase Assistance Program
How much assistance
Up to $50,000 (Deferred Loan)
Zero-interest deferred-payment loan with no monthly payments and a 15-year term. The loan reduces by 1/15th of the total investment each year. If the home is used as the primary residence for the full 15-year term, the mortgage is fully satisfied. Repayment is required if the home is sold or use changes during the term.
Eligibility
- Income limits: Household income may not exceed 120% of the Area Median Income (AMI)
- Purchase price limit: $636,806
- First-time buyer required: Yes — Must not have owned a home in the preceding 3 years.
- Geographic restrictions: Property must be located within Hollywood's Neighborhood Pride Eligibility Area.
- Homebuyer education required: Yes
How to Apply for City of Hollywood First-Time Homebuyer Purchase Assistance Program
Step 1: Contact the City of Hollywood Department of Housing and Community Redevelopment at 954-622-4182. Must have documented proof of liquid assets of at least 3% of the first mortgage loan amount. Applicants must contribute a minimum of 3% of their own funds. Application fee is $12. Complete a HUD-approved homebuyer education course prior to applying.
Notes
Eligible property types include detached single-family homes, townhomes, and condominiums. Mobile homes, multiple dwelling units, and co-operatives are not eligible. Property must be in the Neighborhood Pride Eligibility Area. Funded through SHIP (State Housing Initiatives Partnership) funds.