New initiative supports first-time homebuyers in Miami
Why it matters: Miami is facing an ongoing affordability crisis, with just 7% of the city's homeowners under 35 years old compared to the national average of 11%.
Driving the news: OneUnited announced its Lift Up Initiative, a $50,000 down payment assistance program for first-time buyers in Miami, Los Angeles and Boston.
Offered through its partnerships with Federal Home Loan Bank (FHLB) of Boston, the program is a first-come, first-serve initiative for Black, Hispanic and other minority homebuyers.
How it works: To qualify, a Miami applicant must be a first-time homebuyer, make no more than 120% of the median income and complete a HUD-approved education course, a spokesperson told Axios.
Borrowers must be approved by the FHLB of Boston. They don't have to have an active loan with OneUnited.
Between the lines: The program officially begins on April 1, but it already launched so applicants can gather the necessary requirements.
What they're saying: OneUnited is participating in the program because it "recognizes the historical and current obstacles to homeownership faced by people of color," the bank said in a news release.
"Right now, we are striving for as many applicants as we can get," OneBank's President and Chief Operating Officer Teri Williams told Axios when asked how many grants would be distributed.
"For us, the constraint is not the availability of dollars, but getting applicants approved."
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