HOUSING PROGRAMS

Through its Owner Occupied Housing Assistance Program, the City of Midland makes available loan assistance to low income homeowners to address substandard housing conditions. This housing rehabilitation assistance will be a combination of an Amortized Loan (AL) which requires monthly payments at a low interest rate (from 1% to 6%) and a Deferred Payment Loan portion which is a forgivable, no monthly payment loan. The higher an applicant’s income, the more the AL portion of the loan will be for the applicant. An applicant's home must have some deficiencies but must be in good enough shape to be brought-up to City rehabilitation program standards. Complete reconstruction can be considered. Eligibility criteria includes meeting HUD’s income limits or lower (depending on funding requirements), being an owner occupant for at least two years in a program eligible area, being credit worthy and affording the loan. Existing mortgage balance will hinder or end loan consideration. A lien will be filed for the amount of the loan with the City. The City will assist the applicant with the rehabilitation process including contractor selection.

The City also funds a Homebuyer Assistance Program (HAP) for first time home buyers (FTHB). The HAP provides forgivable loan assistance to income eligible FTHBs for the down payment and closing costs of purchasing a decent, safe and sanitary home within the city. Other program guidelines include homeownership training, ability to qualify for a primary mortgage, and a minimum $750 investment. Income eligibility and locations will depend on funding requirements as will whether pre-owned homes and/or new homes are eligible.

Contact the Community Development Office at 685-7472 or 685-7408 for further information on the housing programs.

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