How is the construction of these homes being funded?
- Homes are built with HOME Investment Partnership Program grant funds from the U.S. Department of Housing and Urban Development
- No local funds are used for the construction of these homes or to provide loans to any program applicants
What standards are used in constructing these homes?
- Homes meet or exceed local and subdivision restrictions and if necessary, approved by applicable Architectural Review Committees
- Construction quality is comparable to that of surrounding neighborhood homes
- Chosen contractors are experienced, having track records demonstrating their ability to produce an excellent product
- Homes promote energy efficiency and include the following features:
- Energy Star appliances
- 14 SEER air conditioner
- Tankless water heater
- Radiant barrier roofing system
- Double pane, Low-E windows
- No VOC interior paint
- Shaw Green Edge™ carpet
- Meets or exceeds all Good Cents program requirements
How are these homes priced and sold?
- Homes are appraised and sold at market values
- Homebuyers must acquire a private mortgage that provides escrow service and is fully amortizing
How does someone qualify to buy these homes?
- Homebuyers must be successful applicants in the Down-payment Assistance Program
- Household income may not exceed 80% of the Area Median Household income
- Mortgage payments must be between 20% and 35% of monthly income
- Be employed at the same job for a minimum of six (6) months
- Have a credit score of 600 or greater
- Contribute a minimum of 1.5% of the total sales price of the home at closing
- Complete a homebuyer education course covering information about homeownership including HOA requirements, if applicable.
- Homebuyers receive shared equity gap financing of up to 30% of the sales price from the City toward a down payment or closing costs on a single-family property, capped at $49,999. The loan is a 0% interest, deferred, second lien loan.
- Once recaptured, the loaned funds will be used for future affordable housing activities ensuring the long-term viability of Community Development programs.