Housing Information

Current Developments

Villa Del Arroyo
To be Located at 1800 N. Carver 32 New Single Family Homes

Old Pueblo Park Housing Development

32 New Homes Located Within New Downtown TIRZ District

The current project, the Old Pueblo Park Housing Development, targets those residing in the newly created Tax Increment Reinvestment Zone, or TIRZ district, which is a portion of the Community Development Block Grant (CDBG) area. This area was designated by the City of Midland and has a population of 17,303 of which 78.4% include low to moderate income households. Over 90% of housing in the target area was developed between 1940 and 1960 and a significant number of them are dilapidated. The extent of new development has been minimal with only 10-15 new housing units built by affordable nonprofit programs. Due to miniscule commercial and residential development and steady demolition in the target area, housing density is quickly decreasing.

The first phase of the project began in August 2002, and will consist of 12 homes upon completion. The long term goal of MCDC is to create a multi-family housing development, expand the development area, and grow the capacity of the organization to develop up to 30 new homes annually.

HOME OWNERSHIP

First-time homebuyers may apply for down payment assistance through the City of Midland's Homebuyer Assistance Program (HAP). HAP provides zero interest-deferred loans to first-time buyers. The assistance is based on income and family size. The program allows qualified buyers to purchase a home with permanent financing arranged by one of four banking partners.

A lien in the amount of the HAP assistance will be filed as a second position lien to the primary lending institution. If the homebuyer resides in the house for ten years, the HAP loan will be forgiven.

Who Can Qualify?

•City of Midland resident of 30 days

•Must meet the U.S. Dept. of Housing and Urban Development (HUD) income guidelines
(effective April 2010)

•A first time home buyer according to HUD's definition

•Invest a minimum of $2,000.

•Meet underwriting requirements of the HAP and Mortgage Company.

•Have satisfied prior governmental debts or tax obligations

•Completion of a HUD-approved homebuyer training course
*MCDC sponsors in partnership with Midland College BEDC, monthly Homebuyer Education classes

•Pre-Purchase: The potential home buyer must attend an orientation session, a one-on-one individual counseling, and a 6 hour workshop

# In Family	Maximum Income
1	$33,700
2	$38,500
3	$43,350
4	$48,150
5	$52,000
6	$55,850
7	$59,700
8	$63,500

FAIR HOUSING IS THE LAW

The Federal Fair Housing Act prohibits discrimination in housing because of race, color, national origin, religion, sex, handicap or familial status. If you feel your rights have been violated, you may call the HUD National Housing Discrimination Claim HOTLINE number at 1-800-669-9777 (TDD 1-800-927-9275)

Pueblo San Juan
Located at 1800 Connell St

27 New Homes

.

1st Mortgage payments are approximately $650 to 700 per month.

2nd Mortgage is forgivable if the homebuyer resides in the home for a minimum of 10 years

Home Financing Example

Purchase Price	$109,000
Closing Cost	$6,700
	------------
	$115,700
Buyer's Down Payment	<$ 2,000>

2nd Mortgage	<$20,000>
(Forgivable)
Other Grants	$13,700
1st Mortgage	$80,000

* 1250 Sq. Ft. (Livable)

* 3 Bedroom

* 2 Bath

* Attached Garage

* Home Owners Association