During the Miami-Dade Economic Advocacy Trust’s (MDEAT) November meeting, trustees approved an action item to double the home-buying subsidy to $28,500 for qualified borrowers.
The agency ensures Black residents participate in the county’s economic growth by making the homebuying experience more affordable. The agency is governed by a board of trustees appointed by the Miami-Dade County Board of County Commissioners and trustees Erbi Blanco-True, Hannibal Burton and Julio Piti.
“According to Redfin, the average home in Miami sold for $529,000. Our increased subsidy helps low-to-moderate-income buyers secure lower interest rates and compete in this expensive housing market,” said William “Bill” Diggs, MDEAT’s executive director. “Our program provides the added benefit of allowing participants to stack MDEAT funds with many other down payment programs.”
MDEAT’s programs, such as the Homeowner Assistant Program (HAP), aim to increase the number of first-time home purchases for low-to-moderate-income residents in Miami-Dade County.