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MCDC | Midland
Community Development Corporation |
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MCDC is recognized as a HUD certified housing counseling agency and hosts monthly homebuyer education courses on premises. The Homebuyer education and counseling services provide valuable information about the road to homeownership, from financing a home to maintaining a home, and the availability of down payment assistance from the State's Homebuyer Assistance Program (HAP). The program is designed to fit the needs of all potential first-time homeowners in our community. Our services include:
MCDC also initiates the relationship between the homebuyer
and such lenders as Wells Fargo, and other local banks, guiding the homebuyer
through the application and pre-loan process, the completion of other
preliminary paperwork, and the scheduling of the initial interview with
the mortgage company.
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.
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 of $70,000
with permanent financing arranged by Wells Fargo Home Mortgage. 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.
*
1250 Sq. Ft. (Livable) *
3 Bedroom *
2 Bath *
Attached Garage * Home Owners
Association Home
Financing Example 1st Mortgage
payments are approximately $625 per month
2nd
Mortgage is forgivable if the homebuyer resides in the home
for a minimum of 10 years Who Can Qualify?
•City
of Midland resident of 30 days •Must
meet the U.S. Dept. of Housing and Urban Development (HUD) income
guidelines •A
first time home buyer
according to HUD's definition •Invest
a minimum of $2,000
as well as all other costs not payable by the HAP •Meet
underwriting requirements
of the HAP and Mortgage Company. •Have
satisfied prior governmental debts or tax obligations •Completion
of a City-approved homebuyer training course •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 $31,300 2 $35,750 3 $40,250 4 $44,700 5 $48,300 6 $51,850 7 $55,450 8 $59,000 Floor
Plan:
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) |
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Created by MCDC © 2003 |
