The past week and weekend have been extremely busy! I went to an orientation that Mueller Austin put on last week. Mueller Austin is the development that is going in on the location of our old Robert Mueller Airport. They are anticipating the new housing market to start in the next 6 months.
I went to get more information about "affordable housing" and how that process works. What I basically understand is... that folks who have household incomes below 80% Media Family Income (MFI), can apply to be eligible to be placed on the "Pioneer List" to purchase the "affordable homes".
The income limits are as follows:
Once an applicant has had their income verified, then they proceed to register with Mueller. They will then assign random numbers to applicants and as home become available, they will go down the numbered list. It is kind of a lottery system in terms of getting access to the homes. You still need to be able to qualify for the loan to purchase the home. They also require that you work at least 25 hours a week, unless you are retired or disabled. I believe that down payment assistance can be used in conjunction with this program.
The deadline to have your income verified and your registration form turned in is April 30th.
The "affordable homes" are being built by David Weekly and start in the $120K's. If you do not qualify for the "affordable homes" then you can purchase a market rate home which start at $240K's.
I'm no expert by any means... but If you want more info on this Pioneer process... let me know. I think this is going to be a great opprotunity for folks with low to moderate incomes invest in property that I believe will gain in equity over the next few years.
Call me if you want more info!