HPR Rehabilitation
Home Purchase
Rehabilitation
The HPR program also
includes rehabilitation and homebuyer subsidy for homes located
in our target area, however, HDC never actually purchases the property. This program allows HDC to help an eligible
household/applicant become homeowners by providing down payment
assistance and moderate rehabilitation assistance to help the
buyer qualify for an affordable mortgage and avoid costly
repairs during the early years of their homeownership.
HDC helps the applicant to
select a home, develop a repair plan, and obtain financing. HDC
then works with the lender to encourage them to consider the
after-rehab value of the unit when determining the amount the
homebuyer can qualify for.
A homebuyer subsidy is
available through the program, which can be used for down
payment assistance, closing costs, and buy down affordability.
The maximum homebuyer subsidy is $20,000 (down payment and
closing costs) for actual rehabilitation costs and an additional
$10,000 is available for costs related to lead remediation and
there is a minimum of $1,000 of homebuyer subsidy required per
unit.
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