Key West programs help 53 families achieve home ownership

The City of Key West’s Community Development Office announced on November 17 that it will have assisted 53 households with buying their own homes by the end of December, a move city officials say addresses persistent local housing needs. To date the Homebuyers Assistance Program has already provided down payment and closing cost support to 33 new homeowners, and another 20 families will receive similar assistance through the At Home program for units at the Lofts of Bahama Village Condominiums. In total the programs have provided one million and sixty thousand dollars in help to qualified families.

City officials credit Community Development Director Tina Burns with revitalizing a previously dormant program to respond to local demand. The Homebuyers Assistance Program is funded through the Affordable Housing Trust Fund which is generated by a percentage of parking fees. The At Home initiative was created by the Bahama Village Redevelopment Advisory Committee and its funding comes from a special taxing district using tax incremental funding, money raised within Bahama Village to be spent specifically within the district.

“This is an amazing accomplishment,” said Community Development Director Tina Burns. “And it shows how much of a need there is in the community.” “By the end of December,” said Burns, “the City of Key West will have enabled 53 families to realize the dream of home ownership.”

For Monroe County residents the announcement carries immediate local significance. Down payment and closing cost assistance are often the most difficult barriers for first time buyers in a market where property values are driven by a combination of tourism demand and limited land availability. Helping 53 families secure permanent housing can increase neighborhood stability, allow households to build equity locally, and reduce displacement pressures that affect long standing communities such as Bahama Village.

The use of parking fee revenue and tax incremental funding illustrates municipal strategies to direct existing revenue streams toward affordable housing. Funding tied directly to a neighborhood through a special taxing district also means investment is concentrated in the community where it was generated, a point of interest for residents weighing redevelopment and cultural preservation concerns.

City leaders say the programs target qualified families and are part of broader efforts to expand access to home ownership in the island community. As the year closes, Monroe County residents will be watching how the new homeowners settle into the Lofts of Bahama Village Condominiums and other purchased properties, and whether similar funding models will be expanded to meet ongoing housing needs across Key West.