Provides affordable housing programs for residents. In accordance with the CRA Redevelopment Plan, the CRA will provide subsidies to qualified residents, either owners or renters, of the City of North Miami to assist in the acquisition and/or rehabilitation of qualified primary residences, in an amount not to exceed $50,000. Requirements - The Resident must have lived in the City of North Miami for a period of 180 days prior to the adoption of the CRA Redevelopment Plan by Miami-Dade County on June 7, 2005. - The Resident must provide sufficient proof of qualified residency. - The Resident is the owner/occupant of the new home to be rehabilitated or remodeled and it must remain as his/her primary residence for the duration of the subsidy loan term. - The Resident must be the owner/occupant of the new home to be purchased and it will become his/her primary residence for the duration of the subsidy loan term. - The Resident must have verified household income for homeownership or rehabilitation that is equal to or greater than 50%, or less than or equal to 120% of the Miami-Dade County Area Median Family Income adjusted for family size. (As of May 2006, the median family income for a family of 4 persons is $55,900.) - The Resident, who is purchasing a home, must have a credit history/record sufficient to qualify for a first mortgage equal to 2-3 times their annual household income. - The Resident must have a commitment letter from the lending institution making the first mortgage loan. - The Resident must be able to qualify and be awarded sufficient, additional non-CRA home purchase and down payment assistance subsidies. - The Resident must be able to demonstrate that the total of the first mortgage loan plus the other non-CRA subsidies plus the CRA subsidy up to $50,000 is sufficient to cover the home purchase price. - Approximately 30% of the Resident's total monthly household income is adequate, after all other mortgages and subsidies are supplied (including the CRA subsidy loan), to cover the monthly housing expenses of principal, interest, taxes, insurance, homeowner association fees, etc. for the home.