City of Laredo Community Development Department to Host Key Ceremony for Family’s Rehabilitated Home
Written by admin, Jul 25, 2012, 0 Comments
Courtesy Xochitl Mora,
The City of Laredo Community Development Department received $2.1 million in Texas Neighborhood Stabilization Program (NSP) funds provided by the U.S. Department of Housing and Urban Development (HUD) through the Texas Department of Housing and Community Affairs (TDHCA). The purpose of the program was to acquire and rehabilitate foreclosed properties that might otherwise have become sources of blight and abandoned eyesores as a means of creating affordable housing opportunities for households of very-low and low-to moderate income.
The department purchased a total of 19 foreclosed homes and, with the assistance of Laredo Municipal Housing Corporation, has rehabilitated them, making them safe and habitable. They are now being sold to qualifying households with incomes of 50% or below Area Median Family Income (AMFI).
Community Development is accepting and processing eligible applications for the homebuyers to access 100% financing through the TDHCA program. The assistance to the homebuyer will result in a repayable 0% interest, 30-year mortgage loan from TDHCA to the household. Additionally, Community Development is also facilitating the purchase by utilizing homebuyer assistance in the minimum amount needed to make the loan affordable; up to $30,000 in assistance.
The Williams family, who purchased this home, is the first to benefit from this zero-interest loan program. The beautiful 1,321 square foot home they purchased has three bedrooms, two baths, ceramic tile flooring throughout the home, and includes new appliances. The family has now been able to realize their dream of homeownership through this innovative program; something that otherwise may not have been possible.
Community Development is still taking applications for two homes that remain available for purchase. In order to qualify for these homes, the home to be purchased must be the principal residence of the homebuyers, and they may not have an ownership interest in any other residential dwelling. The homebuyers must also be U.S. Citizens, or Resident Aliens, have two years of steady employment, have maintained good credit/credit score of 620 or higher, and must be willing to complete a Homebuyer Education class. Other requirements may apply. For additional information, please contact Tomás Cantu, the NSP Coordinator at 795-2675.
