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<br />SOUTHEAST TEXAS <br />HOUSING FINANCE CORPORATION <br /> <br />e <br /> <br />e <br /> <br />Bill Eiland <br />Executive Director <br /> <br />Members of the LaPorte City Council: <br /> <br />The state of Texas HOME Program allows for a First-Time <br />Homebuyers program that would be very beneficial for lower income <br />families in LaPorte who wish to purchase a home. Under this <br />program a new homebuyer can receive downpaymentjclosing cost <br />assistance and possibly principal reduction when purchasing a <br />home. <br /> <br />The state has supplied the 25% match required by HUD. <br /> <br />This program is for families who have not owned a home in the <br />last three years and who make less than 80% of median family <br />income ( $27,200 for a family of 2, $34,000 for a family of 4). <br /> <br />Compared to many other housing programs, the First-Time <br />Homebuyers Program is simple to implement: 1) eligible families <br />apply for the program and are prequalified, 2) the family <br />selects a house in LaPorte and arranges financing (possibly with <br />lenders participating in this program), and 3) the HOME funds are <br />transferred at closing. There is some monitoring required to <br />assure that the homebuyer conforms with the program requirements. <br /> <br />The First-Time Homebuyers Program does not involve monitoring <br />construction or contractors. Also, more families can be served <br />than in a rehabilitation program, since average homebuyer <br />assistance is significantly less that average rehabilitation <br />costs. <br /> <br />SETH and the HOME First-Time Homebuyers Program <br /> <br />The Southeast Texas Housing Finance corporation (SETH) was <br />created to finance and develop affordable housing, and its <br />primary purpose has been to support homeownership. As an agency <br />representing the City of LaPorte, as well as 18 other member <br />jurisdictions, SETH has an established track record that compares <br />favorably with any housing organization in the State. <br /> <br />SETH feels that the HOME First-Time Homebuyers Program is an <br />excellent opportunity to assist families in purchasing homes. <br />This program also fits in with the stated purpose of SETH. <br /> <br />4620 Fairmont Parkway · Suite 201 · Pasadena, Texas 77504 <br />(713) 487-8772 · FAX (713) 487-9574 <br />