I am happy to report that the Board of County Commissioners approved my ordinance regulating the Title Loan industry. The Title Loan companies will now have to satisfy the requirements and regulations described in my last article. Additionally, the interest rates were capped at 2.5% per month or 30% per year. I am positive that this new regulatory scheme will go a long way to protecting consumers.

I am also happy to report that the Board of County Commissioners unanimously passed a deep subsidy mortgage program that I developed and sponsored. Unfortunately, individuals and families making $25,000 per year or less have been unable to achieve the American dream of home ownership. Although, many developers are building "affordable housing" in Miami-Dade County, many of these "affordable homes" stand empty due to the fact that the neighborhood residents cannot afford the monthly payments necessary to pay off a mortgage. Additionally, many developers take advantage of various "affordable housing development" programs to gentrify an existing neighborhood, thereby displacing many long time residents. In an effort to solve this problem, I developed a deep subsidy mortgage program in which low interest mortgage funds are available to individuals and families making $25,000 or less. The mortgage interest rate is approximately 3.375%. This would allow an individual or family making $25,000 a year or less, to purchase a $90,000 home and pay $550.00 per month including property taxes and insurance. In the Miami-Dade County target areas, a quality four bedroom, three bath home could be purchased for $90,000. The same apartment would cost approximately $650.00 per month. I am very excited about this program and will keep you informed of the progress.

If you have any questions or comments, please do not hesitate to call my office at 305-375-5680.