posted by Deeogee on Sep 3
from keysnews
Key West city commissioners on Wednesday will discuss Mayor Morgan McPherson’s proposal to help first-time home-buyers come up with a down payment. If approved, loans of up to $25,000 would come from the city’s Affordable Housing Trust Fund. Money in that fund comes from developers who do not include a prescribed percentage of affordable units in their development plans. One such contribution came from the Galleon Resort as part of a code enforcement settlement that centered on the allowable number of rental units at the waterfront resort and marina.
I know isn’t probably that exciting a subject for anyone who does not live here, but as someone who is renting a place here in Key West, real estate is always on our mind…
Even with Prices dropping in Key West it still seems when you compare salaries to home prices , the prices are still nuts
Now the mayor wants to loan people money for a “down payment”, the whole point of a down payment is to make sure people make their payments. If they are loaned a down payment and things get tough what incentive do they have to stay in the place they bought?
Plus if you have trouble saving 25k, should you really be buying a place in Key West, where some of the cheapest places on the island are almost 200k.
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