Imagine a house. Two, three, even four bedrooms. A yard of your own in a neighborhood you’re proud to call your own. That’s right – this house is yours. Well, it could be.

If you’re a resident of public housing or the Housing Choice Voucher program and are a first time home buyer, you now have the opportunity to buy your own house. As of July 1, 2004, the Housing Authority of the City of Austin will provide a maximum loan of $10,000 on a first come, first serve basis to residents qualified for home ownership.

Together, Director of Housing Development Ron Kowal and Director of Community Development Veronica Macon designed the program. The goal was to provide an incentive for residents to attain employment and a new vision of their future potential, including being free from welfare assistance and to be a homeowner.

“The thought process is basically to get people self sufficient off of subsidy into doing things for themselves,” Kowal said. “The loan lowers house payments, gives residents instant equity in the house and makes it more affordable for them. That money is theirs after five years.”

Probably the best part about the program is that the loan is forgiven after five years if residents aren’t in default. No monthly payments are required and repayment is deferred unless the resident sells, transfers, refinances or converts the home to a rental property in five years.

So how can you qualify? First of all, residents must be a first time home buyer or cannot have owned a home in the last three years. A minimum of $2,500 must also be contributed toward the down payment, closing cost or reserves. Residents must then qualify for a first lien mortgage and have received first mortgage financing from a private financial institution. Lastly, a HACA-approved home buyer training course must be passed.

“Maybe you’re a member of the Family Self Sufficiency Program, or you’ve gotten a better job or your income’s increased,” Kowal said. “What this program does is move people ready to be a little more independent to that environment, while opening up a public housing unit for someone who truly needs it right now.”

Interested residents may complete a registration application packet available online or at the HACA Administration Building, where names will then be placed on a waiting list. A home ownership representative will contact applicants for an initial consultation, and the review process will begin.

The opportunity is there for you to own your own home. Complete a packet today and see how soon you could be holding your first housewarming party.

Downloads
Download the following information and bring a completed application to the HACA Administration Building.
Homeownership Down Payment Assistance Program -- A Guide to Homeownership
Homeownership Step-by-Step Guide
2009 AAHC Resident Enrollment Application
First Time Homebuyer Flyer

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