Growth in Pensacola the goal of first-time homebuyer loan program
The City of Pensacola is launching a First Time Homebuyer Program to help eligible families and individuals buy a house with forgivable loans of up to $10,000.
Expected to get under way in January, the program is a key initiative of Mayor Ashton Hayward’s urban redevelopment plans.
Participants can buy houses up to $189,000 and must have an annual gross household income of no more than 80 percent of the area median income, adjusted for family size.
U.S. Census data for 2010 put the Pensacola Bay area median household income at $34,779 a year. Eighty percent of that amount is $27,823.
With the loss of the State Housing Initiative Partnership program, known as SHIP, a new first-time homebuyer program was a priority, Hayward said.
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