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MISSION
The Housing Development Corporation (HDC)
provides affordable housing opportunities to persons of low to
moderate income to enhance our community socially, culturally,
and economically.
PURPOSE
The programs and services provided by
Housing Development Corporation (HDC) are the visual expression
of the mission of HDC. The purpose of the Homebuyer Assistance
program is to expand homeownership opportunities for low to
moderate income homebuyers through the acquisition, development,
and new construction or rehabilitation of single family homes.
Community revitalization is a key component to the program and HDC’s overall goal is neighborhood revitalization, improved
living conditions, and pride of ownership for community
residents.
HOMEBUYER SUBSIDY
MSHDA funds are used to help low-income
buyers qualify for conventional financing by providing down
payment assistance in the form of a MSHDA Homebuyer Subsidy for
homes offered for sale by HDC in the local market. Qualified
applicants obtain a first mortgage from a lender for as much as
their income allows them to afford (between 25 & 33% of gross
monthly income) and the homebuyer subsidy second mortgage
through MSHDA makes up the difference (up to the maximum allowed
subsidy) between the total funds needed to close and the
applicant’s first mortgage amount.
TARGET AREA
The target area is a long-established
residential community in close proximity to Lake Michigan for
recreation, close walking distance to parks, schools, churches,
community services, and public facilities. It is located in
Ward One and is bordered on the North by Edgell St., the West by
Indiana, the South by Aylworth Ave., and the East by Center St.
This area is the
last significant affordable neighborhood in the city of South
Haven. It is adjacent to the area high school and is within
walking distance to the downtown commercial district including
retail, employment, and other services. Surrounding houses
are stick built with yards, porches, and
sidewalks with a defined sense of community
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