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Homebuyer Assistance

Project Description:

 Financial assistance to first time homebuyers to purchase homes through Down Payment Assistance and Shared Appreciation Gap Financing. Programs may be combined.

Amount Awarded from 2006-2009:

$528,000
Grants or Loans:

Down Payment Assistance is in the form of a 5-year forgivable loan of up to $8,000 with no required payments, in other words, homebuyers must live in the home for 5 years before the loan is forgiven. 

If the house is sold, refinanced, leased or title transferred within 5 years, the loan must be repaid based on the following schedule:

Year 1: 100% Year 2: 80% Year 3: 60%
Year 4: 40% Year 5: 20% Year 6 & Beyond:0%
Shared Gap Appreciation Financing is a loan in the form of a 0% interest, 30 year note of up to $30,000 with no required payments. Upon resale, refinancing, lease or other transfer of title, the loan must be repaid in full plus a percentage of the house’s appreciation value.

Investment Impact

Approximately 35 low to moderate income families
Objective: Increase the affordability of owner housing
Award Recipient: Travis County Housing Finance Corporation
Eligibility: Low to moderate income families
Location: Houses located in the unincorporated areas of the County
Sources of Funding: Community Development Block Grant funds:
  • Program Year 2009: $ 528,000
Project Schedule:

Anticipated to begin Fall 2010.
Project Status: Not yet started
Project History:

First year funded

 

Last Modified: Monday, September 27, 2010 2:59 PM

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