Louisiana Housing Finance Agency

Transcription

1 Louisiaa Housig Fiace Agecy The Louisiaa Housig Fiace Agecy was created by the Louisiaa Legislature to address the shortage of safe ad affordable housig i the state. The LHFA admiisters federal ad state fuds through programs desiged to advace the developmet of eergy efficiet ad affordable housig for low ad moderate icome families. * Sigle Family: The LHFA offers several programs to assist low to moderate icome homebuyers i the purchase of their pricipal residece via grats for dowpaymet ad/or closig costs ad low rate mortgages. * Low - Icome Housig Tax Credit: The LHFA allocates federally allotted tax credits that provide a icetive towards the developmet of low-icome retal housig. *HOME: The LHFA parters with local o-profit groups to distribute formula grats from the US Departmet of Housig ad Urba Developmet to fud a wide rage of activities that build, buy ad/or rehabilitate affordable housig for ret or homeowership or provide direct retal assistace. *Eergy: The LHFA Eergy Departmet admiisters federally fuded programs that provide eergy cost assistace ad home weatherizatio assitace to low icome families across the state. *Compliace: The Compliace Departmet serves as the moitorig agecy for the LHFA. The staff moitors properties fiaced with housig tax credits, HOME fuds, Louisiaa Housig Trust Fuds projects, as well as Federal Deposit Isurace Corporatio projects. *Project Based Cotract Admiistratio: The LHFA was formally selected as the Cotract Admiistrator for the state of Louisiaa by the US Departmet of Housig ad Urba Developmet. The PBCA maages ad admiisters Sectio 8 cotracts, paymets ad reviews. * Neighborhood Stabilizatio Program: The LHFA awards ad moitors grats from the US Departmet of Housig ad Urba Developmet to fight the issues of blight ad eglect affectig local commuities. * Agecy Staff: 132 employees 2415 Quail Drive, Bato Rouge, LA Phoe: Toll Free Fax:

2 MORTGAGE PROGRAMS HOME/MRB ASSISTED PROGRAM The HOME/ MRB Assisted Program helps prospective homebuyers who may ot have eough moey to meet dow paymet ad closig costs. The program has iterest rates that are usually at or below market level. Must be first-time homebuyer Property must be i Louisiaa Must meet local icome requiremets Purchase price caot exceed HOME purchase limits Dow paymet ad closig cost assistace rages betwee 4.50% to 9.00% depedig o loa amout Cotact oe of LHFA s participatig leders to discuss the details ad be pre-qualified Fid a house that meets the program requiremets (1 uit) o You ca do this through a realtor, a real estate aget or o your ow. Obtai a siged purchase agreemet for the home o A licesed realtor or real estate aget ca help you egotiate a cotract Apply for the home loa with a LHFA participatig leder (see list i packet) EXAMPLE Family seekig to purchase a home i oe of the followig areas: Iformatio listed subject to chage, cotact LHFA for more details. Greater Bato Rouge Area Household Icome/Acquisitio Requiremets: Family Icome - 1 perso $33,950 Family Icome- 2 perso $38,800 Family Icome- 3 perso $43,650 Family Icome- 4 perso $47,500 GBR Max Purchase Price $255,190 Greater New Orleas area Household Icome/Acquisitio Requiremets: Family Icome - 1 perso $34,300 Family Icome - 2 perso $39,200 Family Icome - 3 perso $44,100 Family Icome - 4 perso $48,950 GNO Max Purchase Price $262,025 Orleas Parish Oly: $291,139 Maximum Purchase Price All Other Parishes: $247,033 (additioal family members, cotact Sigle Family Dept. for icome limits. Additioal family icomes available upo request) 2415 Quail Drive, Bato Rouge, LA Phoe: Toll Free Fax:

3 MORTGAGE PROGRAMS MORTGAGE REVENUE BOND ASSISTED PROGRAM The MRB Assisted Program helps prospective homebuyers who may ot have eough moey to meet dow paymet ad closig costs. The program has iterest rates that are usually at or below market level. * Must be first-time homebuyer uless property is i a targeted area. * Dow paymet ad closig costs assistace comes i the form of a soft-secod that is equal to 3% of the mortgage amout * Property must be i Louisiaa * Borrower must meet local icome requiremets * Purchase price caot exceed established purchase price limits * Cotact oe of LHFA s participatig leders to discuss the details ad be pre-qualified * Fid a house that meets the program requiremets (1 4 uits), at least oe uit must be ower-occupied o You ca do this through a realtor, a real estate aget or o your ow * Obtai a siged purchase agreemet for the home o A licesed realtor or real estate aget ca help you egotiate a cotract * Apply for the home loa with ay LHFA participatig leder list i packet * No-targeted areas require first-time homebuyer status EXAMPLE Family seekig to purchase a home i oe of the followig areas: Greater Bato Rouge No-Targeted Area Household Icome/Acquisitio Requiremets: Family Icome - 2 or less people $60,600 Family Icome - 3 or more people $69,690 Home purchase price limit up to $255,190 Greater New Orleas Area Household Icome/Acquisitio Requiremets: Family Icome - 2 or less people $73,440 Family Icome - 3 or more people $85,680 Home purchase price limit $262,025 Orleas Parish ONLY: $320,253 Greater Alexadria, Shreveport ad Moroe No-Targeted Areas Household Icome/Acquisitio Requiremets: Family Icome - 2 or less people $53,700 Family Icome - 3 or more people $61,755 Home purchase price limit up to $247,033 (additioal family icomes available upo request) Iformatio listed subject to chage, cotact LHFA for more details Quail Drive, Bato Rouge, LA Phoe: Toll Free Fax:

4 MORTGAGE PROGRAMS MORTGAGE REVENUE BOND UNASSISTED PROGRAM The MRB Uassisted Program offers a iterest rate which is usually lower tha the market rate. * Must be first-time homebuyer uless property is i a targeted area * Property must be i Louisiaa * Borrower must meet local icome requiremets * Purchase price caot exceed established purchase price limits * Cotact oe of LHFA s participatig leders to discuss the details ad be pre-qualified * Fid a house that meets the program requiremets (1 4 uits); at least oe uit must be ower occupied o You ca do this through a realtor, a real estate aget or o your ow * Obtai a siged purchase agreemet for the home o A licesed realtor or real estate aget ca help you egotiate a cotract * Apply for the home loa with ay LHFA participatig leders, see list i packet * Good for borrowers with assets to cover dow paymet, closig cost, ad prepaids. EXAMPLE Family seekig to purchase a home: Greater Bato Rouge No-Targeted Area Household Icome/Acquisitio Requiremets: Family Icome - 2 or less people $60,600 Family Icome - 3 or more people $69,690 Home purchase price limit up to $255,190 New Orleas Targeted Area Household Icome/Acquisitio Requiremets: Family Icome - 2 or less people $73,440 Family Icome - 3 or more people $85,680 Home purchase price limit up to $320,253 Greater Alexadria, Shreveport ad Moroe No-Targeted Area Household Icome/Acquisitio Requiremets: Family Icome - 2 or less people $53,700 Family Icome - 3 or more people $61,755 Home purchase price limit up to $247,033 (additioal family icomes available upo request) Iformatio listed subject to chage, cotact LHFA for more details Quail Drive, Bato Rouge, LA Phoe: Toll Free Fax:

5 GRANTS FOR GRADS GRANTS FOR GRADS PROGRAM ELIGIBILITY: If you are a Louisiaa residet who has received a associate, baccalaurete, masters or other post graduate degree, you MAY be ELIGIBLE Registratio is required withi 60 days of the applicat s graduatio date. * Residet of Louisiaa at time of high school graduatio, OR * Out-of-state graduate of accredited school, whose paret was a Louisiaa residet at the time of applicat's graduatio ad who resides i Louisiaa at the time of registratio i the program REQUIREMENTS: * If applicats are married ad both spouses are eligible, each applicat should register idividually. * The applicat must provide evidece of Louisiaa residecy AND certified trascript or diploma for their high school ad college graduatio. * The applicat must ited to live ad work i Louisiaa for a miimum of 5 years. * The applicat must ited to purchase a permaet home i Louisiaa. GRANT AWARDS: * A grat award will be give to 100 gratees each year based upo a radom lottery coducted by the LHFA before Jauary 31st of each year, with the first awards beig grated o earlier tha * The amout of the awards will be based o the total cumulative LA state tax paid by the gratee durig the 5 years followig receipt of applicatio. * A maximum of $10,000 ($15,000 for married couple) may be awarded to ay idividual Quail Drive, Bato Rouge, LA Phoe: Toll Free Fax:

6 LOUISIANA HOUSING FINANCE AGENCY Louisiaa Housig Fiace Agecy s Sigle Family Homeowership Program is available for low to moderate icome, first-time homebuyers. There is curretly a meu of programs available for firsttime homebuyers. A first-time homebuyer is cosidered to be a purchaser who has had o owership i a pricipal residece durig the past three years. There are exceptios that ca apply. The ew property must be purchased as a primary home. There are specific icome limits by parish based o family size. The total cost of the property caot exceed the Maximum Acquisitio Cost by parish. Icome ad acquisitio cost limits are available o our website at. The applicatio process is completed through our participatig leders. Periodic updates are give to participatig leders regardig fud availability i ay give area of the state. LHFA is ot a leder ad does ot uderwrite the loas (make the decisio whether or ot to approve the loa). The leder makes that decisio based o guidelies set by the idustry. Credit ad ability to comfortably pay a mothly mortgage are oly two of the criteria reviewed. HOME/MRB Program: The HOME/MRB Program provides assistace to first-time homebuyers whose aual icome does ot exceed 80% of the media icome (adjusted for family size) i the parish i which the property beig purchased is located. The iterest rate for the HOME/MRB Program is 2.95% for a 30-year FHA, VA, or RD loa. Assistace Paymets equal to 4.5% to 9.0% of the Mortgage Loa Amout will be paid at closig to cover part of the dow paymet, closig costs ad prepaid items. The amout of the grat will vary with the size of the loa. Loas will be reviewed to assure that the amout of closig costs is reasoable ad customary. Oly sigle family (1 uit), vacat or seller occupied properties will be eligible for the HOME/MRB Program. MRB Assisted Program: The MRB Assisted Program loa is also available to homebuyers whose aual icome does ot exceed 115% of the media icome - adjusted for family size - i the parish i which the property beig purchased is located. If the property is i a Targeted Area (Qualified Cesus Tract), the aual icome may go up to 140% of the media icome - depedig o family size alog with the icreased Targeted Acquisitio Limit. The borrower s ivestmet will be regulated by the particular type of loa beig made - FHA, VA, or RD. Assistace paymets equal to 3% of the Mortgage Loa Amout will be paid at closig to cover part of the dow paymet, closig costs, ad prepaid items. The iterest rate for the MRB Assisted Program is 4.75% with a 30-year term. Oe (1) to four (4) family ower-occupied dwelligs will be eligible uder this program. CDBG/MRB Program: Will bear a iterest at 3.15% ad Assistace Paymets equal to 4.5% to 9.0% of the Mortgage Loa Amout will be paid at closig to cover part of the dow paymet, closig costs ad prepaid items. Properties are limited to 11 parishes ad must be oe (1) family or two (2) family homes. All applicats must be first-time homebuyers ad must agree to use the home as their primary residece for at least 3 years. LOW RATE PROGRAM: This program offers a iterest rate which is typically lower tha market rate ad does ot provide for dow-paymet assistace. The curret fixed rate is 4.25% ad it is available to homebuyers whose aual icome does ot exceed 115% of the media icome except for Targeted Areas (Qualified Cesus Tracts) where the icome ca be higher (up to 140% of the media icome adjusted for family size).

7 Participatig Leders: (compiled as of 6/8/11) Assurace Fiacial Bacorp South Bak of America Home Loas Bak of Rusto Corerstoe Home Ledig DHI Mortgage Eustis Mortgage Fairway Idepedet Mortgage Fidelity Homestead First Federal Bak of LA Gulf Coast Bak & Trust Hacock Bak Homebuyer s Resource Group Iberia Bak Liberty Bak Mai Street Fiacial NOLA Ledig Group Premier Natiowide Ledig Primary Residetial Mortgage Red River Bak Regios Mortgage Stadard Mortgage Corporatio SWBC Mortgage Corporatio Wells Fargo Whitey Natioal Bak For more detailed iformatio o ay of these programs, please cotact oe of the leders listed below. More iformatio is also available from: Louisiaa Housig Fiace Agecy 2415 Quail Drive Bato Rouge, LA Phoe Toll-free TYY/TDD Sigle Family Fax

8 WEATHERIZATION ASSISTANCE WEATHERIZATION ASSISTANCE PROGRAM Weatherizatio Assistace Program is a federally-fuded program that weatherizes homes to improve heatig ad coolig efficiecy; thereby reducig eergy costs ad improvig the comfort level of household members. Iformatio Needed to Apply: Household icome determies whether or ot you meet the miimum requiremets for weatherizatio assistace Availability of WAP is ot guarateed Priority is give to the followig groups: o Youg Childre - Five (5) years of age ad uder o Elderly - 60 years of age ad older o Disabled - Oe whose disability has bee established i accordace with the Title XXVI of the Social Security Act for the SSI Program Last four (4) cosecutive copies of check stubs for employed household members Proof of ueared icome (Social Security, Uemploymet Isurace, Pesio Fuds, Disability, etc.) Proof of preset address (ret receipt, lease or deed, etc.) Driver s licese or picture ID of head of household ad (his/her) Social Security card Proof of total members livig i your household ad their Social Security cards Additioal iformatio may be required to determie your eligibility for eergy assistace 2011 WAP 200% of Poverty Level # Household Members Household Icome Limits 1 $1,805 2 $2,428 3 $3,052 4 $3,675 5 $4,298 6 $4,922 7 $5,545 8 $6,168 9 $6, $7,415 Each additioal member add $623 Iformatio listed subject to chage, cotact LHFA for more details Quail Drive, Bato Rouge, LA Phoe: Toll Free Fax:

9 ENERGY ASSISTANCE LOW-INCOME HOME ENERGY ASSISTANCE The Low-Icome Home Eergy Assistace Program is a federally-fuded program that helps low-icome households with their home eergy bills. The LIHEAP program may be able to provide you with bill paymet assistace ad/ or eergy crisis assistace Iformatio Needed to Apply: Household icome determies whether or ot you meet the miimum requiremets for eergy assistace Availability of LIHEAP is ot guarateed Other eligibility requiremets o o Must be resposible for household eergy bill Have a active eergy accout o Have ot received a LIHEAP beefit paymet i the previous 6 moths o To qualify for crisis assistace, you must have a discoect otice/threateed discoectio ad have ot received a crises beefit i the previous 12 moths Recet copies of your utility bills Last four (4) cosecutive copies of check stubs for employed household members Proof of ueared icome (Social Security, Uemploymet Isurace, Pesio Fuds, Disability, etc.) Discoect otice (if you received a shut-off otice from your eergy compay) Proof of preset address (ret receipt, lease or deed, etc.) Driver s licese or picture ID of head of household ad (his/her) Social Security card Proof of total members livig i your household ad their Social Security cards Iformatio listed subject to chage, cotact LHFA for more details. Additioal iformatio may be required to determie your eligibility for eergy assistace LIHEAP 60% Estimated State Media # Household Members Household Icome Limits 1 $1,708 2 $2,234 3 $2,759 4 $3,285 5 $3,811 6 $4,336 7 $4,435 8 $4,533 9 $4, $4, Quail Drive, Bato Rouge, LA Phoe: Toll Free Fax:

10 GULF COAST ENERGY ASSISTANCE Uder the Low Icome Home Eergy Assistace Program (LIHEAP), the Gulf Coast Eergy Crisis Assistace will provide expaded home eergy assistace to idividuals ad families livig i the commuities affected by the gulf coast oil spill. Eligibility Requiremets: Reside i the affected commuities of: * St. Mary * Terreboe * Lafourche * St. Berard * Plaquemies * Jefferso * Orleas * St. Tammay * Camero * Iberia * St. Charles * Tagipahoa ad * Vermillio Other eligibility requiremets: o The household mothly icome must ot exceed 60% of the State s media icome o Have bee furloughed, laid off, or termiated due to the impact of the oil spill (show proof ) o Threate or actual iterruptio of services (discoect otice) o The household has to be at least partially resposible for meetig its residetial heatig or coolig eergy cost o Participate i active eergy coservatio educatio LIHEAP 60% EstimatedState Media Icome # Household Members Household Icome Limits 1 $1,708 2 $2,234 3 $2,759 4 $3,285 5 $3,811 6 $4,336 7 $4,435 8 $4,533 9 $4, $4,730 Iformatio listed subject to chage, cotact LHFA for more details. Assistace is available o a first-come, first-serve basis To apply call the LHFA at (225) or the Uited Way Directory for the earest Commuity Actio Agecy Quail Drive, Bato Rouge, LA Phoe: Toll Free Fax:

11 NEIGHBORHOOD STABILIZATION PROGRAM NEIGHBORHOOD STABILIZATION PROGRAM (NSP) The Neighborhood Stabilizatio Program will provide emergecy assistace to state, o profits, ad local govermets to purchase, rehabilitate, ad redevelop foreclosed or abadoed homes that might otherwise become blighted properties withi their commuities. Targeted Areas These fuds may be used for activities which iclude, but are ot limited to: Purchase ad rehabilitate homes ad residetial properties abadoed or foreclosed. Establish fiacig mechaisms for purchase ad redevelopmet of forecosed homes ad residetial properties. Demolish blighted structures. Redevelop demolished or vacat properties. Establish lad baks for foreclosed homes All fuds must be committed withi the statutory deadlie of 18 moths upo receipt, ad four years to exped the fuds. Targeted Parishes for the Neighborhood Stabilizatio Program Caddo Calcasieu Claibore East Bato Rouge Frakli Iberia Morehouse Orleas Ouachita Rapides Tagipahoa 2415 Quail Drive, Bato Rouge, LA Phoe: Toll Free Fax: