Miami-Dade Renews $650M Bond Cap for First-Time Buyer Mortgages

Miami-Dade commissioners on October 6, 2026 approved the Housing Finance Authority of Miami-Dade County's plan to issue up to $650 million in single-family mortgage revenue bonds, the money behind its below-market, 30-year fixed loans for first-time buyers earning up to 115% of the area median income. Condos qualify: the authority lists condominiums among eligible homes, with a maximum purchase price of $832,750 for conventional and VA loans and $667,000 for FHA loans.

What the commission actually approved

The vote, Resolution R-843-26 (agenda item 10(A)(1)), is a federal tax-law step rather than a new pot of cash. Under section 147(f) of the Internal Revenue Code, the county must accept the results of a public hearing and approve the issuance before the authority can sell the bonds. The authority held that hearing on September 1, 2026 and no one objected.

The $650 million figure is a ceiling. County records show the same cap was approved in February 2025 (R-181-25) and again in November 2025 (R-1085-25), so this is the authority continuing its existing homeownership program. Bonds can be sold in one or more series over time, and neither the county nor the authority is liable for repaying them. The authority's annual bonding capacity is allocated by the Florida Housing Finance Corporation.

Who can use the loans

According to the authority's homebuyer page as of October 2026:

• First-time buyers only, defined as anyone who has not owned a home in the last 3 years. Homes in federally designated target census tracts are exempt from that rule and carry higher limits.
• The home must be in Miami-Dade County and be the buyer's primary residence.
• A minimum credit score of 660, 24 months in the same line of work, and US citizenship or permanent residency.
• An 8-hour, HUD-approved homebuyer education course, offered online for $100.
• Approved buyers can add up to $15,000 of down payment assistance as a deferred 0% second mortgage.

Loans are originated by participating lenders, not by the authority, and rates come from those lenders.

How much of the condo market fits under the caps

Own.Miami's county deed records show 15,729 condo sales in Miami-Dade from October 2025 through September 2026, at a median of $456,000. Of those, 11,895 closed at or below the $832,750 conventional cap and 10,654 at or below the $667,000 FHA cap. In other words, roughly two in three recorded condo sales were priced within the FHA limit.

The fit varies sharply by neighborhood. In Downtown, 1,566 of 2,000 recorded condo sales in the same twelve months were at or below $667,000. In Brickell it was 485 of 1,262, and in Coconut Grove 51 of 229.

Why it matters for buyers and owners

A program loan still needs a building a lender will finance. Own.Miami's Financeability Index, built from recorded mortgages, rates 23 of the 29 downtown buildings it scores as strong or good. Mint at Riverfront scores 92 with 26 recorded sales in the last 12 months at a $646,000 median, and Centro scores 96 with 23 sales at a $338,000 median. Buildings where most buyers pay cash, or where few regulated loans have closed, are harder places to use this kind of mortgage.

For owners selling entry-level units, the practical effect is a steadier pool of financed first-time buyers rather than a price shift: the cap has stood at $650 million since at least early 2025. Buyers should confirm the current income and price limits with a participating lender before signing a contract, since the authority's posted limits table still carries a 2025 label.