$15,000 Grant to 1st Time Buyers
This building at 1400 Pennsylvania Avenue is undergoing extensive concrete restoration, as are many older buildings in the neighborhood. The costs of these repairs are difficult for many current homeowners to absorb and become another obstacle to 1st time homebuyers with limited funds.
As a result, the Bank of America has announced a $15,000 grant program to 1st time homebuyers. This can be used as a down payment and will not have to be repaid to the Bank. In addition the Bank will also pay non-recurring closing costs for the Buyer.
Unit 16 and 35 are currently on the market for $175,000 each, already affordable by Miami Beach standards, and this grant might be a down payment for someone.
