The down Payment Assistance program (HAP) currently set at $19,500 for affordable homes within Houston city limits is under review by the Department of Housing and Community Development and the Mayor.
A new program should be in place in July.
This program is actually one of the most efficient use of funds HUD has ever designed. In Houston, the delinquency rate of loans that are complemented by a soft second from the City is actually very low. These loans are substantially underwritten twice, no sub prime mortgage is ever part of it.
The funds have a short pay back due to the immediate triggering of a much higher ad valorem tax payment from subject property. If you agree with these statements, it is time for you to contact the Mayors office and to express your support.
