Recognizing that homeownership is the key to creating stable families and communities, the Texas Department of Housing and Community Affairs (TDHCA) has announced a funding award to the Temple Housing Authority to assist eligible residents with the purchase of their first home and provide much-needed economic benefits to the local construction industry.
TDHCA awarded $124,800 in homebuyer assistance funds to the housing authority which will provide 12 households with down payment and closing cost assistance.
“These homebuyer funds will have an immediate and positive impact on Temple, and I am confident that the Temple Housing Authority will make excellent use of this award,” said Representative Dianne Delisi. “Promoting homeownership strengthens both the family and community, and I applaud TDHCA for making these funds available in my district.”
“The housing market in Temple has simply outpaced the income of some residents,” said Michael Gerber, TDHCA Executive Director. “These funds will help families overcome the biggest obstacle many homebuyers face: meeting the down payment requirements.
“Promoting homeownership is a critical mission of the Department,” he continued. “Besides helping to strengthen families and neighborhoods, these funds will help generate local construction jobs and increase area employment opportunities. We’re proud to help the Temple Housing Authority and contribute to an improved quality of life for all residents.”
TDHCA awards homebuyer assistance funds to eligible applicants through the Department’s HOME Investment Partnerships (HOME) Program, which helps provide down payment and closing cost assistance to qualifying first time homebuyers. Assistance is limited to 6 percent of the home purchase price or $10,000, whichever is greater. Eligible applicants include qualifying units of local government, public housing authorities, Community Housing Development Organizations and other nonprofit groups, and qualifying for-profit organizations.
The U.S. Department of Housing and Urban Development (HUD) is the funding source for the HOME Program. The program is designed to serve households earning no more than 80 percent of the area median family income. For Temple and Bell County, this equals an annual income of $41,600 for a family for four.