BREVARD COUNTY HOUSING FINANCE AUTHORITY AUDITOR SELECTION
The Brevard County Housing Finance Authority invites independent Certified Public Accountants licensed to practice in the State of Florida to submit proposals for the performance of auditing services for the general fund. Parties interested in submitting proposals may obtain a copy of the Request for Proposals on the Authority’s website: www.brevardhfa.org or from Angela A. Abbott, Esquire, 4420 South Washington Avenue, Titusville, Florida 32780, (321) 264-0334. Responses are due not later than noon, on Tuesday, May 13, 2025.
RFP for Auditor
Home Ownership Program
First Mortgage Loan Program
If you have ever dreamed about home ownership but felt that buying a home was a little beyond your reach, the Brevard County Housing Finance Authority (the Authority) may make your dream easier to attain with the Home Ownership Program. The Authority currently offers a 30 year, fixed rate mortgage (actual APR to be disclosed by the lender) with down payment and closing cost assistance in the amount of up to $15,000 in the form of a 0% second mortgage. In addition, the borrower may receive a mortgage certificate of up to $2,000 per year for the life of the loan.
How does the program work?
The program offers a borrower a 30-year, fixed rate, fully amortizing first mortgage loan. There is a 1.0% origination fee.
Down Payment and Closing Cost Assistance
Assistance is available in the form of a second mortgage of up to $15,000. The second mortgage is a 30-year deferred, 0% loan that may be used for down payment and/or closing costs. It is never forgiven and it is repayable at 30 years or sooner if the property ceases to be the borrower’s principal residence, is sold, refinanced or rented.
What kind of home may I purchase?
You may purchase a new or existing single family home (attached or detached) a condo, town home or PUD anywhere in Brevard County, Florida.
Who qualifies?
- Buyers must be first-time home buyers (have not had an ownership interest in their primary residence for the past three years). This requirement is waived for qualified military veterans
- Buyer must have a minimum FICO score of 640, and meet other standard credit requirements.
- The purchase price of the home may not exceed $444,233 in a non-target area or $565,173 in a target area
- Maximum income limit: $149,850 (150% of median income of $99,900)
What are the steps in the process?
Contact a participating lender (below) so they may pre-qualify you for a loan. The lender will determine your eligibility for a loan and notify you. You will also be required to provide the lender with other information necessary. The funds are available on a first-come first-served basis.
What is Recapture Tax?
The benefits provided by this loan are considered a federal subsidy of your mortgage loan. Federal law requires a recapture of some of the benefit if all three of the following are true: 1. The property ceases to be your primary residence during the first full 9 years of ownership; 2. You make a net profit on the sale of the home; 3. Your household income exceeds the allowable income at the time of the sale. Your tax preparer can assist you with determining if you owe recapture tax.
Target Areas:
If a borrower purchases a home in a target area, the borrower’s income may be higher, the purchase price limit may be higher and the first time homebuyer requirement is waived. There are four federally designated target areas in Brevard County. They are census tracts 607, 623.01, 626 and 649.02. Census tract 607 is located in Titusville. It is an irregularly shaped tract that is bordered on the west by Norwood Avenue, Park Avenue, Barna Avenue and Elizabeth Avenue, on the south by Whispering Hills Road, Day Street and Sycamore Street, on the east by the Florida East Coast Railroad and S. Deleon Avenue and on the north by North Washington Avenue. Census tract 623.01 is located in Cocoa. It is an irregularly shaped tract that is bordered on the north by Dixon Blvd., on west by Clearlake Road, on the south by School Street and on the east by the Florida East Coast Railroad. Census tract 626 is located in Cocoa. It is and irregularly shaped tract that is bordered on the north by School Street, on the west by Clearlake Road, on the south by Rosa L. Jones Boulevard, and on the east by the Florida East Coast Railroad. Census tract 649.02 is located in Melbourne. It is and irregularly shaped tract that is bordered on the north by New Haven Avenue, on the west by Babcock Street, on the south by University Boulevard, and on the east by the Indian River.