MAYOR WHITE APPLAUDS SUCCESS OF HOMEBUYER ASSISTANCE PROGRAM More Than 100 Participating Families Have Become Home Owners Since Program Resumed Last Fall
July 19, 2006 -- Mayor White today recognized the success of the City of Houston's Homebuyer Assistance Program helping 105 new homebuyers with down payment assistance. Homes have been purchased, with more than $1.5 million granted to help offset down payment and closing costs, in each of the nine Council Districts under the administration of the City's Department of Housing and Community Development.
"This is great news for Houstonians," said Mayor Bill White. "The City's Homebuyer Assistance Program has led to new opportunities for homeownership and increased economic stability in all areas of the city. Homeownership is very important, not only for the city's economic well-being but for community stability as well. These funds go a long way to making that happen."
Since the U.S. Department of Housing and Urban Development (HUD) authorized the City to resume spending HOME funds last fall, 105 homes were purchased: 57 were new and 48 were existing homes. HOME Program funds are the largest federal block grant to state and local governments, and are the City's primary source for homebuyer assistance.
Coupled with counseling and education about the home buying process, the City of Houston's Homebuyers Assistance Program helps low- and moderate- income buyers get into safe and affordable housing by providing money for down payment assistance and closing costs. Homebuyers must remain in the home for five years for the down payment loan to be forgivable.
Potential homebuyers must meet the income and home purchasing price limits for the program. The applicant must have a gross annual income that does not exceed 80 percent of the City median income; adjusted for family size and the home cannot exceed $135,00. For qualified homebuyers under the 50 percent medium income, additional down payment assistance may be available through TIRZ.
For further information on the Homebuyer Assistance Program please call 713.522.HOME.
