Embarking on the journey to homeownership can feel overwhelming, but the City of Daytona Beach offers a fantastic resource to make this process more accessible: the Affordable Home Ownership Assistance Program (AHOAP). This initiative is designed to support first-time homebuyers like you in achieving your dream of owning a home.

Program Overview

• Program Name: Affordable Home Ownership Assistance Program (AHOAP)
• Source of Funding: The program is funded by the City of Daytona Beach through federal and state grants.

Eligibility Criteria

• First-Time Homebuyer Status: You must not have owned a home within the last three years.
• Income Limits: Your annual gross income must align with the current HUD Section 8 program income limits.
• Property Location: The home you intend to purchase must be within the city limits of Daytona Beach.
• Financial Commitment: A minimum personal contribution of $500 toward the purchase is required.
• Education and Counseling: Completion of a first-time homebuyer education class and successful credit counseling are mandatory.
• Mortgage and Property Standards: You need to secure viable first mortgage financing and ensure the home meets all applicable housing codes, either as-is or through program-assisted rehabilitation.

Benefits

• Financial Assistance: Depending on your income level, you may receive up to $50,000 in down payment and closing cost assistance.
• Affordability Period: The assistance comes with a 15 to 20-year affordability period, ensuring long-term housing stability.
• Support Services: Partner agencies provide pre-screening, credit assessment, homebuyer education, and post-purchase counseling to guide you through every step.

Potential Drawbacks

• Affordability Period Commitment: The program requires you to maintain the property as your primary residence for the duration of the affordability period (15 years for existing homes, 20 years for new constructions).
• Repayment Conditions: If you fail to comply with program requirements during the affordability period, the full amount of assistance may become due.