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City of Corpus Christi Programs - City of Corpus Christi

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									                    City of Corpus Christi
    City Programs Provide Assistance For
   Qualified Homeowners and Homebuyers
The City of Corpus Christi, through the Neighborhood Services
Department, administers several federally funded housing
programs. The programs are designed to assist existing
homeowners and interested homebuyers.

The Single Family Rehabilitation Loan Program and Emergency
Home Repair Grant Program assists homeowners with minor and
major home repairs. The purpose of these programs is to eliminate
substandard housing conditions.

The $5,000 Homebuyer Assistance Program assists homebuyers
with purchasing a home by providing a forgivable loan for down
payment and closing costs.

Through the American Dream Down Payment Initiative Program,
a $5,000 forgivable loan is provided to assist a homebuyer with down
payment and closing costs. The homebuyer must be a first time
homebuyer. A first time homebuyer is defined as a buyer who has not
owned a home within the last three years.

The New Construction Homebuyer Assistance Program provides
between $15,000 to $20,000 in the form of a forgivable loan to buy
down the purchase price of a new home. The homebuyer will be
required to select a builder and lender from a list of participating
builders and lenders.

HUD requires that homebuyers be provided with a minimum of 8
hours of homebuyer and homeownership counseling prior to the
homebuyer purchasing a home. The City offers these classes at no
charge but the homebuyer must be purchasing a home within the
limits of Corpus Christi. For more information click on the
"Homebuyer Classes," navigation button to the left.

The Rental Rehabilitation Loan Program is designed to assist
investors/owners with the rehabilitation of their rental properties by
providing a 3 percent loan amortized up to 20 years. The units must
be made available to low/mod households.

"Other Housing Resources" includes housing provided by non-profit
agencies, privately owned subsidized housing and housing for the
elderly and disabled.

Under the "Links of Interest," you can access other local, state, and
federal websites that provide housing information and programs. You
may also obtain a free credit report by clicking on the "Annual Credit
Report" navigation button starting June 1, 2005.

Our "Bulletin Board" is the place where we list updates, notices or
community events regarding housing.

For more information, contact Hector G. Vallejo, Program Manager,
Neighborhood Services 361-880-3010.



$5,000 HOMEBUYER PROGRAM
The purpose of this program is to assist homebuyers with closing cost
and down payment assistance. The homebuyer will be provided a
$5,000 deferred forgivable loan at zero percent interest amortized
over 5 years. In order to be eligible the homebuyer must meet low
and moderate-income limits; must not currently own a home; and
must use the home being purchased as their principal residence. All
properties in the program must have a value that does not exceed
FHA mortgage limits and be within the city limits of Corpus Christi.

Click on the navigation bar to the left to view other housing programs.
           AMERICAN DREAM DOWN PAYMENT PROGRAM
           The American Dream Down Payment Initiative Program was created by
           HUD to increase homeownership for first time home buyers. The
           homebuyer will be provided a $5,000 deferred forgivable loan at zero
           percent interest amortized over five years. The purpose of the program is to
           assist first time home buyers with down payment and closing costs.

           In order to qualify the homebuyer must not have owned a home within the
           last three (3) years; must use the home being purchased as their principle
           residence; and must meet low income guidelines.

           If you think you qualify for assistance through this program, call 880-3010
           to set up an appointment. Inform the receptionist that you would like to
           speak with a Loan Processor regarding this program. It is important that you
           call first to set up an appointment because you will also be advised on what
           papers and documents to bring with you.


                                          2006 Income Limits
HH Size                  1            2         3       4         5        6            7   8
Very Low               16,850 19,300 21,700           24,100 26,050 27,950 29,900 31,800
Low/Moderate           27,000 30,850 34,700           38,550 41,700 44,700 47,800 50,900
           (Revised as of 03/08/06)



           NEW CONSTRUCTION HOMEBUYER PROGRAM
           The homebuyer will be provided a $15,000 to $20,000 deferred forgivable
           loan at zero percent interest amortized at $1,000 per year. In order to be
           eligible the homebuyer must meet low and moderate income limits; must not
           currently own a home; and must use the home being purchased as their
           principal residence. The sale price of the home cannot exceed $80,000. The
homebuyer will be required to select a builder and lender from NSD’s list of
participating builders and lenders.

Interested homebuyers should call 880-3010 to schedule more
information and setup an appointment.

Click on the navigation bar to the left to view other housing programs.



HOMEBUYER CLASSES
The City, through Neighborhood Services Department, conducts
homebuyer and homeownership counseling classes.

Homebuyers interested in being assisted through any of
the homebuyer programs must first attend an eight (8) hour
homebuyer/homeownership counseling class. A certificate of
completion will be issued once the homebuyer completes the class.

Below is the class schedule for 2006. These classes will be held
at Del Mar College, East Campus, Solomon Coles Building, 3rd
floor, room 326.

July 7, 8
August 4, 5
September 8, 9
October 6, 7
November 3, 4
December 1, 2

The classes will be from 8:00 a.m. to 5:00 p.m. and you will need
to bring a calculator in order to figure the purchase price of
a home you can afford. Please make child care arrangements
should you have children because children will not be allowed in
the class.

Persons interested in attending a class must fill out an in-take form at
City Hall, Neighborhood Services Department, 2nd floor. Please
be advised classes are limited and are based on a first come first
serve basis. Future scheduled classes will be posted.

In order to be eligible to attend the class Homebuyers must meet
the low/moderate income limits listed in the table below and planning
to purchase a home within the Corpus Christi city limits.

Call 826-3010 should you have any questions.

                                                          (06-20-06)

								
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