| Other Home Purchase Assistance
Programs
HDC currently offers only three programs for
homeownership assistance, however, the Michigan State Housing
Development Authority provides a wide range assistance programs.
There are other agencies in the area that offer similar
programs. For example, the South West Community Action
Agency offers the HomeOwner Rehabilitation program along with
ADR New Construction and ADR Rehabilitation.
Down Payment
Assistance Grant
Eligible individuals may receive a loan of
up to $7,500 for down payment assistance on MSHDA/Conventional,
MSHDA/Rural Development, or MSHDA/ FHA-insured first mortgages.
The deferred loan has zero-interest and no monthly payments.
- The
loan may be used toward the minimum cash requirements needed
to close, including the down payment required, closing costs,
and prepaid expenses.
Purchase price limits apply.
Borrowers must complete a LINKS to Homeownership
course.
Borrower's minimum contribution must be at least 1% of the
sales price.
Borrowers must have no more than $5,000 in liquid assets.
Borrower's household income must not exceed the limits for
this program.
For more
information go to:
http://www.michigan.gov/mshda/0,1607,7-141-5485_5486-25866--,00.html
Home
Owner Rehabilitation Program
OCD
allocates Community Development Block Grant (CDBG) funding to
county governments through the County Allocation Program. Most
county governments use these funds to implement countywide
homeowner rehabilitation programs. Counties make deferred loans
available to low-income homeowners with an income at or below 80
percent of the area median. Nonprofit organizations or small
communities may be eligible for homeowner rehabilitation funds
as part of an approved Neighborhood Preservation Program
application. For more information contact the Office of
Community Development at (517) 373-1974.
Property Improvement
Program loans
The Property
Improvement Program (PIP) Section of the Michigan State Housing
Development Authority (MSHDA) was established to provide decent,
sound, safe, and sanitary housing for eligible residents of the
State of Michigan. To that end, PIP is authorized to provide
funds for the repair, improvement, and rehabilitation of
existing housing under the following programs:
Individuals may apply directly to
a participating lender (bank, savings and loan, etc.) located in
their community or to a participating local unit of government
or nonprofit organization (the "Community Agent"). After
preliminary local approval, the loan package is sent to MSHDA
for final approval and commitment. PIP loans are lower interest
loans, equity in the home is not a requirement, and they are
available in most areas of the state.
Replacement
Housing Program (RHP)
The Replacement Housing Program (RHP)
allows eligible homeowners to replace substandard housing with
new units (generally manufactured). RHP is available
only
through participating Community Agents.
For more information contact
MSDHA's Single Family Housing Program at (517) 373-6840.
 
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