Tampa expands down payment assistance program to address yawning housing affordability

As home prices continue to skyrocket in Tampa, the city is expanding a first-time buyers assistance program to help get more people into homes.

On Monday, the city announced it has increased the maximum purchase price for qualified buyers in its Dare to Own the Dream program by $60,000 to $300,000. This, the city says, will give buyers a little bit more room as they navigate what Zillow calls the hottest housing market in the country to buy a home in the city.

The Dare to Own the Dream program provides forgivable down payment assistance loans to home buyers who are eligible. The program, according to the city, handed out more than $1.1 million to first time home buyers in fiscal 2021. Those who apply for the down payment assistance must be income eligible to qualify and then must live in the home for at least 10 years to get the loan forgiven.