Orlando City Council approved the sale of eight newly constructed homes in the Parramore neighborhood on March 16, with buyers eligible for up to $155,000 in down payment assistance from the Community Redevelopment Agency.
The subsidy brings the effective purchase price to $225,000 for homes appraised between $365,000 and $380,000. Buyers must be first-time homebuyers earning 80-140% of the area median income — roughly $84,000 to $137,000 a year for a family of four in the Orlando area. Both the sale and the down payment assistance program passed unanimously without debate.
How it works
The program offers two home models built on city-owned lots, a first for the initiative. Previous phases used the same interior layout with different exterior elevations. The two models were designed for different lot sizes in the neighborhood.
Model A homes come with $140,000 in down payment assistance. Model B homes get $155,000. Both bring the buyer’s price to $225,000…