FT LAUDERDALE (CBSMiami) – Time is running out for potential buyers who want to get in on the City of Tamarac’s home lottery.
The city used $800,000 in federal money to buy and extensively renovate five homes in the Mainland Ten community.
The homes, which have up to four bedrooms, are expected to sell anywhere from $100,000 to $160,000, according to the Sun-Sentinel. The money from the sales will go toward buying and renovating more homes.
The deadline to file an application to take part in the lottery is 4 p.m., March 12th, at City Hall, Room 206.
Only individuals or families who meet income requirements can apply. An individual cannot earn more than $57,960 a year while a family of four must not earn more than $82,800.
The locations and costs of the homes will be revealed after a mandatory orientation meeting on March 12th at Tamarac Community Center at 8601 W. Commercial Blvd. Applicants will then submit their information for a specific house by March 21, according to the paper. After the lottery drawing on March 24th, each winner will have five days to get a mortgage approval.
Tamarac is just one of a couple of Broward cities taking part in the federal government’s Neighborhood Stabilization Program meant to help neighborhoods which have a high rate of foreclosure. Cities receive federal money to help potential homeowners put down a down payment or buy the house outright.
Among the other communities also accepting housing-related applications under the same federal program are Deerfield Beach, Coral Springs and Hollywood.