March 15, 2011
Gordon Anderson (512) 475-4743
State housing agency awards $120,000 in homebuyer assistance funds to Midland Habitat Chapter
(AUSTIN) — The Texas Department of Housing and Community Affairs (TDHCA) and State Representative Tom Craddick today announced a $120,000 award to a local nonprofit organization assisting eligible residents with the purchase of their first home, providing greater stability to area low income families and the neighborhoods in which they live.
Officials with Midland Habitat for Humanity estimate that the award will help provide 12 local residents purchase a home with down payment and closing cost assistance.
“This is exciting news for local residents afraid that homeownership was beyond their reach,” said Representative Craddick. “This is a great occasion for Midland, and I encourage any household who is eligible to apply for these funds takes advantage of this program. I also encourage TDHCA to continue its commitment to increasing homebuyer opportunities for more Texas families who are ready to take that big step.”
According to TDHCA Executive Director Michael Gerber, helping families prepare for and achieve the American Dream of homeownership is a critical component of the Department’s mission.
“Providing homebuyer opportunities for households who are ready to take that important step is obviously a major part of our role as the state’s housing agency,” Gerber explained. “Most of us recognize that homeownership strengthens families and the vitality of local neighborhoods. Equally important is the fact that homeownership also stabilizes the local tax base that helps fund essential public services. We are proud to contribute to an improved quality of life for the residents of Midland.”
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 eligible nonprofit groups, and certain for-profit organizations which then work with qualifying homebuyers 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 Midland County equals an annual income of $50,400 for a family for four.
For more information on this award, contact Midland Habitat for Humanity directly at (432) 686-8877.
About the Texas Department of Housing and Community Affairs
The Texas Department of Housing and Community Affairs administers a number of state and federal programs through for-profit, nonprofit, and local government partnerships to strengthen communities through affordable housing development, homeownership opportunities, weatherization, and community-based services for Texans in need.
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