WORK FORCE HOUSING PROGRAM
DOWNPAYMENT ASSISTANCE
FACT SHEET
The Town of
·
Family Income at or below
80% of Area Median Income:
o
Minimum $10,000.00 to maximum $20,000 (10% of Purchase Price or $10,000,
which ever is less)*
·
Family Income
between 80% and 100% of Area Median Income:
o
10% of Purchase Price up to a maximum $20,000.*
·
*In both cases, funds are provided as a deferred payment loan, secured by
a junior lien or junior deed of trust; repayment is deferred until sale or
refinance.
To be eligible for the Town
of
A.
An applicant must be
within the following established HUD area median income limits of 80% and 100%,
which are subject to change by HUD, for the family sizes given below:
2008
|
||
NUMBER OF PERSONS |
EQUAL TO OR LESS THAN
80% OF MEDIAN INCOME |
EQUAL TO OR LESS THAN
100% OF MEDIAN INCOME |
1 Person family |
$30,800 |
$38,500 |
2 Person family |
$35,200 |
$44,000 |
3 Person family |
$39,600 |
$49,500 |
4 Person family |
$44,000 |
$55,000 |
5 Person family |
$47,500 |
$59,400 |
6 Person family |
$51,050 |
$63,800 |
7 Person family |
$54,550 |
$68,200 |
8 Person family |
$58,100 |
$72,600 |
B.
At least one family
member must work at least 30 hours/week in the Town of
C.
Must purchase a home
located in the Town of
D.
Must qualify for a
mortgage that meets our program standards; see a housing counselor at the
designated agency listed below.
E.
Buyers may not have
liquid cash assets exceeding $10,000.00 to participate in the program.
F.
Depending on
eligibility, buyers must contribute $1000 - $2500 towards the purchase of the
home. These funds may be gifted, but not
borrowed.
G.
Homes purchased must
be inspected by an approved home inspector and must meet minimum housing
quality standards; a list of approved home inspectors will be provided by your
housing counselor.
FOR ADDITIONAL INFORMATION
CALL CHICANOS POR LA CAUSA (CPLC) at 882-0018