State housing agency makes $225,000 investment in Temple through homebuyer assistance
AUSTIN, TX – January 25, 2010 – (RealEstateRama) — The Texas Department of Housing and Community Affairs (TDHCA) today announced a $225,000 award to the Temple Housing Authority to assist eligible residents with the purchase of their first home, providing greater stability to area low income families and a shot in the arm to the local economy.
Officials with the housing authority estimate that the award will allow the agency to provide 15 local residents with down payment and closing cost assistance, helping them achieve the American Dream of homeownership.
“Promoting homeownership is a critical mission of the Department, as it brings greater stability to families and can help revitalize entire neighborhoods,” said Michael Gerber, TDHCA Executive Director. “In addition, the economy will also benefit from an increased tax base which can lead to greater redevelopment activities and increased services at the local level. We are proud to help the Temple Housing Authority contribute to an improved quality of life for the community it serves.”
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. Eligible households may receive loans up to $20,000 for down payment and closing costs in the form of a second or third lien, 0 percent interest, 10-year deferred forgivable loan.
Eligible applicants include qualifying units of local government, public housing authorities, Community Housing Development Organizations and other nonprofit groups, and qualifying for-profit organizations which then work with eligible households at the local level.
The U.S. Department of Housing and Urban Development is the funding source for the HOME Program. The program serves households earning no more than 80 percent of the area median family income, which for Temple and Bell County equals an annual income of $43,200 for a family for four.
About The Texas Department of Housing and Community Affairs
The Texas Department of Housing and Community Affairs is the state agency responsible for affordable housing, community services, energy assistance, colonia housing programs, and disaster recovery housing programs. It currently administers $2 billion through for-profit, nonprofit, and local government partnerships to deliver local housing and community-based opportunities and assistance to Texans in need.
