A program overseen by the Houston Housing and Community Development Department has completed construction of the first set of 100 affordable single-family homes for potential buyers who may qualify for financial aid with their down payments and closing costs. Those considering buying properties may first want to read real estate investing books for beginners to see if its a worthwhile purchase for them.
Developers and lenders working with the department’s New Home Development Program (NDHP) completed construction of eight homes in February, some of which may have access to alarm systems that can provide the new property with enhanced security. Twenty more are under construction toward the goal of 100 by June 2020.
The city has dedicated more than $10 million in Tax Increment Reinvestment Zone funds to underwrite and build the homes throughout Houston.
“This is a milestone in delivering on the promise of an affordable home for all Houstonians, in neighborhoods where people thrive,” said Mayor Sylvester Turner. “We’re now building quality, affordable homes in less than six months, start to finish,” he continued. “This is part of how Houston is building forward.”
Houstonians buying NDHP homes may qualify for up to $30,000 in down payment and closing cost assistance through the Department’s Homebuyer’s Assistance Program for individuals and families earning below 80 percent of Area Median Income.
Homes are also available for purchase through the newly formed Houston Community Land Trust.
“We couldn’t build at our current pace without great partners,” said Housing and Community Development Director Tom McCasland. “Developers, lenders, and non-profits are an essential part of the formula for building affordable homes at scale.”
The department will host a New Home Development Program Information Session for prospective buyers on Saturday, March 2, 2019 from 10 a.m. to 2 p.m. at the Acres Homes Multi-Service Center, at 6719 W. Montgomery Road, Houston, Texas 77091
For more information on the home buyer workshop, or home buyer assistance, please visit http://www.houstontx.gov/housing/. You may also contact the HCDD call center at 832.394.6200.