Purchase Assistance Program

Eligible very-low and low-income homebuyers can apply for down payment, closing cost, and repair assistance for new or existing homes located in the City of Cocoa. Assistance is provided on a first come, first ready basis.
  • Maximum assistance per unit is $37,400 for very-low-income and $32,400 for low-income households in the form of a 10-year, 10 percent forgivable deferred-payment loan. *If HOME funds are used, the HOME affordability rules apply over the above affordability periods.
  • Home values cannot exceed $172,000 for existing or new construction homes. Mobile or manufactured homes are not eligible for assistance.
  • The household must have the ability to obtain a 30 year fixed-rate mortgage.
  • To schedule to attend the mandatory homebuyer class contact Community Housing Initiatives at (321) 253-0053.
  • Property must remain owner-occupied after purchase during the affordability term.
  • Total income and assets for all household members must not exceed the following limits for family size. (See chart below.)
  • Pre-1978 Homes are not eligible.
  • The home must be located within Cocoa city limits, contact the Housing & Neighborhood Services Division at (321) 433-8520.

Income & Asset Limits (effective 6/28/2019)

Median Income 1 Person 2 Persons 3 Persons 4 Persons 5 Persons
50% very low $23,100 $26,400 $29,700 $32,950 $35,600
80% low $36,900 $42,200 $47,450 $52,700 $56,950

Homebuyer's Contribution
Applicants must make a minimum Cash Contribution based upon their income bracket.  
Very Low (50% or less of AMI)      $500.00
Low Income (51%-80% of AMI)     $750.00