Press
Tropical Financial Credit Union closes its first community redevelopment loan with the city of Miami Gardens
MIAMI, FL (November 6, 2013) — Tropical Financial Credit Union (TFCU) recently closed its first community redevelopment loan with the City of Miami Gardens in the amount of $109,000. Under the program, the City itself provides forgivable grants to help low- and moderate-income individuals with down payments on home purchases, while Tropical Financial provides a mortgage.
The community redevelopment program helps people purchase a home who typically don’t have enough money for a down payment. The City of Miami Gardens aims to use the grant funds it receives from various government sources to provide decent housing and suitable living environments for its residents.
Applicants must first apply for a grant from the City, and then once approved, apply separately for a mortgage. Credit, income and financial situations are some of the criteria that are assessed to determine if applicants meet the loan/grant requirements.
If an individual qualifies, he or she can receive up to $55,000 in grant money. Borrowers are responsible for making monthly payments on both the mortgage and the grant, but as long as they meet the condition of not selling the home during the first 15 years, the grant balance doesn’t have to be repaid.
“It’s a great feeling to know that Tropical Financial and the City of Miami Gardens are helping people achieve the American dream of home ownership,” said Doug Leever, Tropical Financial Credit Union’s mortgage sales manager. “The program also helps stimulate the economy.”
Tropical Financial Credit Union is dedicated to providing its members with the very best financial services, which includes regularly hosting free first-time home buyer workshops. Professionally trained individuals teach potential buyers about various topics such as shopping for a home, obtaining a mortgage, grants and credit. The seminars are targeted at first-time buyers, but anyone interested in learning the process of buying a home is welcome to attend.
For more information about Tropical Financial’s home buyer workshops, please contact Alex Enriquez at aenriquez@tfcu-fl.org or (888) 261-8328 ext. 7304.
For more information about the City of Miami Gardens’ Department of Community Development, please contact Laurin Yoder at lyoder@miamigardens-fl.gov or (305) 622-8000 ext. 2694.
About Tropical Financial Credit Union
Tropical Financial Credit Union is a tax-exempt financial institution whose deposits are federally insured. The $575 million institution serves South Florida with 11 branches. People who live or work in South Florida’s three counties can join the credit union, which was founded in 1935. For more information on Tropical Financial, visit www.tropicalfcu.org.