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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.
Last updated: 1/3/2017 5:12:05 PM