Special Projects Housing Division

Contents

• Home Buyer Assistance Programs
• Maps
• Income Guidelines
• Home Buyer Education
• Housing Counseling
• Acquisition Rehabilitation
• Owner Occupied Rehabilitation
• Housing Quality Standards Inspections

HOME BUYER ASSISTANCE PROGRAM

Home buyer assistance programs provide down payment and closing cost assistance (DPA) for low to moderate- income families and individuals that qualify under each of the DPA Program's Guidelines. There are three DPA programs available. All DPA Programs are contingent upon funding availability and are administered on a first come first serve basis.

The following requirements apply to all DPA Programs:

• Properties must be located in areas where funds are available Maps
• All home buyers are required to attend a Certified Home Buyer Education Workshop prior to receiving home buyer assistance for DPA.
• Each property must pass a Housing Quality Standards Inspection prior to closing. *Housing Quality Inspections are free and will be conducted by CAA’s Housing Specialist.
• Homebuyers total gross annual household income cannot exceed HUD's 80% area median income guidelines as described in the Income Guidelines section.
• Home buyers must have the ability to obtain a 1st Mortgage Loan Approval either through a bank or mortgage company.
• Home buyers are required to invest 1% of the purchase price from their own funds as their commitment toward purchase of home.
• Home buyer must occupy the home as their primary residence for the five year affordability period.
• Property must be either seller occupied, buyer occupied, or vacant for (6) six months prior to signing a Real Estate Contract.

Down Payment Assistance programs

The homebuyer Down Payment & Closing Cost Assistance (DPA) Program provides low-to-moderate income individuals and families with funds for down payment and closing costs. We have 2 DPA programs. The programs have different requirements and different amount of assistance provided and the areas where assistance can be provided (Refer to maps). All DPA Programs are contingent upon funding availability and are administered on a first come first serve basis.

• The City of Oklahoma City HOME Program: This program covers two different areas. The first area is the NRSA Area. If a purchaser buys in the targeted NRSA area (see map) they can receive $6,000.00 towards Down Payment and Closing Costs Assistance. If the homebuyer currently owns a home and would like to sell it and purchase in the NRSA Area, then they can qualify for $3,500.00 towards down payment and closing costs assistance. The City of Oklahoma City's HOME Program covers the Low/Mod Outside Area (see map). This program will assist with $3,500.00 for down payment and closing costs. With all of these programs, the buyer must qualify under the income limits. Program contact person: Carlisa Hudspeth at (405) 232-0199 ext 3200.  100% of funding for this program must be spent.  No first time homebuyer requirement.
• Oklahoma & Canadian Counties DPA – These are U. S. Department of Housing and Urban Development (HUD) HOME Funds provided by the Oklahoma Housing Finance Agency (OHFA) and administered by Community Action Agency. This program requires the home buyer to be a first time home buyer. If you have not owned a home in the last 6 months you are considered a first time home buyer for this program, unless you are recently divorced and your spouse received the home in the divorce. 6% of the sales price (not to exceed $6,000.00) is paid on behalf of the homebuyer toward allowable down payment and closing costs when purchasing an eligible home in one of the targeted areas.(see Map) When applying for assistance from this program you are advised to contact the Housing Counselor to verify availability of funding at (405) 232-0199 ext 3202 or email at \n // --> This e-mail address is being protected from spambots. You need JavaScript enabled to view it This e-mail address is being protected from spam bots, you need JavaScript enabled to view it .

Down Payment and Closing Costs 2nd Mortgage Requirements: Down payment and closing cost assistance (DPA) is provided in the form of a five-year forgivable 2nd Mortgage to be filed at the Oklahoma County Courthouse and held by either the City of Oklahoma City or Community Action Agency, depending on which program you are using. The 2nd Mortgage is forgiven after the buyer occupies the home as the primary residence for five years. If the property is sold, sub-leased, refinanced or conveyed before the fifth year, the City of Oklahoma City or Community Action Agency may accelerate the mortgage at the rate of 1/60th per month from the date the homebuyer closed on the property.

MAPS

INCOME GUIDELINES

Income guidelines are established by HUD

Oklahoma City and Oklahoma /Canadian Counties
80% AREA MEDIAN INCOME GUIDELINES

New Income Limits are Established by HUD Annually

HOME BUYER EDUCATION

Home Buyer Education is a critical component to the Special Projects Housing Division Programs. It helps dispel homeownership myths, link prospective home buyers and protects home buyers from predatory lending practices and overcome barriers to homeownership

All home buyers are required to attend Community Action Agency of Oklahoma City's Home Buyer Education Workshop prior to participating in the Home Buyer Programs.

Post-purchase counseling entailed in workshop is provided to show new homeowners how to protect their investment, and manage the new expenses and responsibilities of homeownership. Informing home buyers about home maintenance, seasonal upkeep, energy conservation, and money management in an effort to prevent defaults and foreclosures.

Workshops are usually held twice a month in the Oklahoma City area. Free materials are provided. Please contact Special Projects at (405) 232-0199 ext 3201 for more information.

Services include pre and post- purchase counseling, delinquency resolution & loss mitigation counseling, rental and credit counseling in addition to ways to correct credit before purchasing a home. The counselor’s role is to help the client understand the responsibilities of home ownership and how to make housing & financial choices. In a default or foreclosure situation the counselor will act as a mediator between the homeowner and the mortgage company to work out a payment plan for homeowners with FHA mortgages and homeowners that qualify for a payment plan. If you are currently having difficulty paying your mortgage payment or perceive future difficulty please contact Special Projects Division Housing Counselor to determine if you are eligible for a payment plan at 232-0199 ext 3202 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

ACQUISTION REHABILITATION / NEW CONSTRUCTION

There is a shortage of quality affordable homes in the affordable price range, therefore CAA established an Acquisition Rehabilitation / Resale Program to increase the availability of affordable quality homes to low to moderate-income home buyers. CAA purchases homes in need of repair located within the Oklahoma City and Oklahoma & Canadian Counties service area. CAA contracts with approved contractors to complete repairs and markets the homes. These are grants that CAA writes through OHFA and are available depending on funding.

OWNER OCCUPIED REHABILITATION

Homeowner Occupied Rehabiliation is a program designed to help current homeowners who need repairs on their houses.  The following requirements must be met before the house can qualify:

• Property must be located in the Oklahoma/Canadian Counties area.
• Properties located in Oklahoma City are not eligible through this program. (Income eligible homeowners living in the *NRSA map area of Oklahoma City that own their home and are in need of housing repairs can contact the City of Oklahoma City's Housing Rehab Department at 297-2846 for current information on the Oklahoma City OOR program).
• Clients are served on a first come first serve basis with priority given to elderly and disabled.
• Property must be the home owner’s primary place of residence during the affordability period.
• Affordability period is 5 years.
• Home owner must hold title
• Home owners must meet 80% Area Median *Income Guidelines.

Once an application is received and all qualifying documentation is verified, CAA’s Housing Specialist will visit the home of all applicants. At that time, property and needs of the applicants are assessed. Some eligible repairs include electrical, plumbing, carpentry, insulation, roofing, windows, handicap accessible items and other building needs, making the home a more comfortable and safer environment. A deferred forgivable mortgage lien will be filed at the local courthouse for the affordability period of 5 years.

HOUSING QUALITY STANDARDS

• An inspection will be performed to determine what repairs are needed to meet the Housing Quality Standards.
• Another inspection will be performed when rehabilitation is completed to insure project meets Housing Quality Standards prior to releasing final payment to contractor.
• Federal regulations governing all lead based paint issues must be met including all local codes on each rehabilitation project.

HUD sets Housing Quality Standards. These Standards are required to be met on every house or project federally assisted. CAA performs Housing Quality Inspections at no charge to clients. When purchasing a home, home buyers should not use the Housing Quality Inspections as a substitute for a full house inspection conducted by licensed professionals. Your housing counselor will schedule the housing quality inspection.

Special Projects Email Addresses:

Division Director /Housing Counselor  This e-mail address is being protected from spambots. You need JavaScript enabled to view it