Down Payment Assistance Program

The American dream is an abstract concept unique to every American. For most Americans, this dream includes a home of their own: four walls, a roof and some property that belongs solely to them. Unfortunately, this dream is far from a reality for some American families. However, for others the dream is obtainable with a helping hand.

The Housing Authority of the City of Austin and the Austin Affordable Housing Corporation (AAHC), a non-profit subsidiary of HACA, share the common goal of seeking to break the poverty cycle by serving as catalysts for their residents to become self-sufficient. In order to achieve this goal, AAHC desires to establish programs to see that quality, affordable housing opportunities exist for qualified families and individuals of low to moderate income. The outcome of this desire is the Down Payment Assistance Program, the helping hand HACA residents need. Ron Kowal, vice president of housing development and Veronica Wood, vice president of community development, created the program in July 2004.

The Down Payment Assistance Program helps HACA residents make their American dream become a reality. The program seeks to offer residents information, support and guidance on the road to homeownership. Residents who feel they are ready to become self-sufficient and purchase their first home are encouraged to enter the program.
Julie Loredo serves as the Homeownership Coordinator. She works with every resident in the program to reach his or her goal of homeownership. Julie provides resources for residents vested in the program and works with partners of HACA and AAHC to obtain resources for the program.

“We’re providing residents with the financial literacy, credit solutions and homeownership preparation classes,” Julie explained. “Through our Down Payment Assistance Program we are assisting eligible families to make homeownership a reality.”

The first family vested in the program closed on their home on August 24, 2004. The husband, wife and three daughters have made the house a home. Julie can still remember the smiling faces and overwhelming gratitude of the family.
“When I visited the family in their new home, they were so happy and excited to give me the grand tour of their home,” Julie recalls.

AAHC provides financial assistance of $10,000 for down payment assistance to every qualified family in the program. Southwest Housing Compliance Corporation (SHCC) provides AAHC with the necessary funding for the financial assistance. SHCC is a non-profit subsidiary of HACA proud to support homeownership needs and assist in breaking the poverty cycle.

The program offers positive outcomes, along with homeownership, to residents who complete the program. These outcomes include learning basic money management, banking tools, establishing credit, credit repair, how to communicate with lenders and title companies, shopping for a deal, and closing a contract.

Program Information Page