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Home
Bidding,
Vendors and |
Purchase Assistance Program
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| It is anticipated that the
Vacant Properties Program and Property Recycling Program will both result
in a volume of new homeownership opportunities for lower income families.
The value of the homes renovated through these programs should be an
attractive incentive for potential homeowners, although it is expected
that some may need assistance with securing the necessary down payments
and closing costs to access secure first mortgage loans. To help these potential homebuyers and to further market the VPP and PRP homes, SHRA is creating a Purchase Assistance Program specifically for homes renovated through NSP activities. The program will offer a deferred payment loan to cover closing costs and downpayment, as needed by the individual homebuyer. Additional funds may be available for mortgage assistance, should the price of the home warrant it to ensure the homebuyer has an affordable mortgage. All homebuyers will be required to attend homeownership counseling and to secure a 30 year fixed rate, first mortgage loan. Detailed program guidelines for the Purchase Assistance Program will be approved subsequent to NSP-2 funding award. |
08/17/2009
