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HOUSING
DEVELOPMENT CORPORATION
HOMEOWNERSHIP ASSISTANCE PROGRAM
Housing Development Corporation was created
in October 2000 to assist in providing affordable housing for
new homebuyers. HDC currently offers a variety of down payment
assistance options for applicants looking for homes in the
affordable housing market, which is low to moderate income, and
defined as at or below 80% of the median family income for the
area, based on family size. Qualified applicants have a choice
of purchasing a newly constructed home or rehabilitation of an
existing home located in our target area.
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Homebuyer Eligibility Requirements
= Complete
pre-purchase homeownership counseling/training.
= Ability to
spend between 25% & 33% of gross monthly income
on housing (PITI).
= Gross Annual
Income between 40% & 80% of AMI
= Provide at least
1% of purchase price from own funds.
= Receive MSHDA
qualification for Homebuyer Subsidy.
= Receive Lender
approval for conventional mortgage with
MSHDA approved
terms
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This was our second housing
development project located at 859 Kalamazoo Street, South
Haven, Michigan. Pictured above (from left to right) are
John DeCardy (Executive Director), Dennis DeVinney (HDC
President), and our proud new homeowners - the Ortiz Family.
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