APPLICANTS SOUGHT FOR HOMEBUYER OPPORTUNITY FUNDS
OCALA, Fla. (Oct. 26, 2009) The City of Ocala is accepting applications for Florida Homebuyer Opportunity Program (FHOP) funds that will assist first-time homebuyers with short-term loans.

The City will receive $70,945 in FHOP funds to provide first-time home buyers short-term loans that will allow them to apply their federal tax credit as a down payment.

This up-front down payment will help first-time home buyers lower their monthly payments. The federal tax credit allows for 10 percent of the purchase price or $8,000, whichever is less.

The tax credit is available to first-time home buyers with an adjusted gross income below $75,000 for a single filer or $150,000 for joint filers. Because the FHOP is part of the State Housing Initiatives Partnership (SHIP), the loan also requires home buyers to meet additional eligibility standards to ensure affordability.

For more information on the FHOP program and application process, potential first-time home buyers should contact The City of Ocala Neighborhood Services Division at (352) 629-8322.

***

For more information contact: Sonny Allen, Communications Coordinator
 City of Ocala, 352-401-3978, e-mail: sallen@ocalafl.org.