Panama City first-time homebuyers: Program changes to combat inflation - The News Herald

PANAMA CITY — Assistant City Manager Jared Jones says homeowners play a important role successful the section community.

To fortify this demographic, Panama City commissioners past week approved a database of changes to the city's housing-assistance programme to assistance more low- to moderate-income first-time homebuyers acquisition homes. 

"Our unit thrives connected the quality to make homeownership and propulsion keys crossed the closing table," Jones said. "This is thing that's lifechanging for a batch of these applicants, and we're truly arrogant to beryllium a portion of it and beryllium capable to bash it."

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Officials approved Tuesday to rise the terms of homes capable to beryllium purchased done the programme from $283,900 to $300,000. Associated liens connected the properties besides were reduced from 30 years to 15 years, and acquisition assistance grant amounts were summation from $45,000 in down outgo assistance and $5,000 successful down outgo costs to $50,000 in down outgo assistance and $10,000 successful closing closes.

Jones said the section lodging assistance programme is funded by the state's lodging initiatives concern and hurricane lodging betterment programs.

In summation to helping first-time homebuyers, the programme besides funds a assortment of different lodging strategies, including lodging repairs, rental assistance, interaction interest assistance, foreclosure prevention and short-term owe assistance, according to the city's website.

Program aims to assistance first-time buyers arsenic location prices, involvement rates rise

Jones said helium hopes the changes approved Tuesday volition assistance first-time homebuyers in amid inflated location prices and involvement rates.

"Homes successful Panama City (now sell) for astir 29.1% much than they did a twelvemonth agone ... truthful that's wherefore we've accrued the acquisition terms to $300,000," Jones said. "The summation successful closing costs (will assistance recipients) bargain down involvement points connected the loans.

"We don't privation to person them successful a concern wherever they're paying a ton of interest, and truthful the quality to person immoderate funds to bargain down points connected those loans is critical."

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Jones besides said helium believes the changes volition assistance the programme acceptable up much first-time homebuyers for aboriginal success.

Information from the metropolis notes "first-time homebuyers" are categorized arsenic those who person not owned a location for the past 3 years.

"The full extremity (of the program) is to make homeownership," Jones said. "Before (Hurricane Michael successful October 2018), we were 70% renters and 30% homeowners, and that is inverse from the nationalist mean of 70% homeowners and 30% renters.

"If we tin get person to that (average) homeownership percentage, it's going to marque our colonisation overmuch much resilient."

For much accusation connected lodging assistance successful Panama City, oregon to use for the program, visit panamacity.gov.