AUSTIN, TX – January 21, 2011 – (RealEstateRama) — The Texas Department of Housing and Community Affairs (TDHCA) today announced a $345,000 award to the City of McKinney 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.City officials estimate that the award will help provide 30 local residents with down payment and closing cost assistance, helping them achieve the American Dream of homeownership.
“These homebuyer funds will have a positive impact on McKinney, and I am confident that the city will make excellent use of this award,” said State Senator Florence Shapiro, whose district includes McKinney. “Promoting homeownership strengthens both the family and community, and I applaud TDHCA for making these funds available in my district.”
“TDHCA is committed to enhancing homeownership opportunities for families ready to take that important step and achieve their dreams,” stated Michael Gerber, TDHCA Executive Director. “Besides helping bring greater stability to families and neighborhoods, the award will help create new construction and remodeling jobs, generate an influx of wages and salaries into the local economy, and increase the local tax base.”
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 McKinney and Collin County equals an annual income of $54,650 for a family for four. For more information about this award, please contact the city directly at (972) 547-7500.
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 and energy assistance programs, and colonia activities. The Department currently administers $3 billion through for-profit, nonprofit, and local government partnerships to deliver local housing and community-based opportunities and assistance to Texans in need.
Gordon Anderson 512-475-4743
Jill McFarren 512-475-2844