The Homeownership Opportunity Program (HOP) to provide down payment subsidies to Home-buyers for the purchase of existing homes within Fillmore County has been extended to March 22, 2013.
By the contract with NDED, the program had a formal completion date of September 22, 2012. However, the Fillmore County Development Corporation (FCDC), under a Subrecipient agreement with Fillmore County, committed to meeting the target plan of completing at least 14 successful loan closings (and minor rehabilitation) for homebuyers. So far there have been eight loan closings with minor rehabilitation.
Therefore, the FCDC asked for a longer time period in which to complete the program. The FCDC asked for a 6-month continuation and a budget amendment transferring HOME funds from the Downpayment Assistance Activity to the Housing Rehabilitation Activity. The FCDC received word last week from the Nebraska Department of Economic Development that the program will now have a completion date of March 22, 2013 and $25,000 has been transferred from the downpayment assistance activity to the housing rehabilitation activity.
Eligible applicants include persons/families looking to purchase a home in Fillmore County and whose incomes are 80% or lower than the median household incomes of Fillmore County, NE, adjusted for family size. For example, a family of four with a combined household income of $45,600 or less may qualify. Other applicant eligibility criteria include:
· Home being purchased must be the principal residence of the buyer
· Completion of a Homeownership Training Program
The purpose of the Homeownership Opportunity Program (HOP) in Fillmore County is to provide financial assistance for the purchase of existing single-family residential housing units which are safe, decent, sanitary and affordable to low and moderate income persons/families-buyers. The program is funded by HOME Investment Partnership funds awarded to Fillmore County by the Nebraska Department of Economic Development.