The first set of Neighborhood Stabilization Program (NSP) homes are nearly complete.
"There were a total of eight homes in this round, seven of which were new construction while the other was a rehabilitation," City Planning Administrator Stacy Gibbens said.
Gibbens added final preparations are being made for the homes to be sold, which included inspections that took place Dec. 9-10.
"They are just about ready to go," she said. "However, we still have a few spots open for prospective homebuyers who qualify according to NSP guidelines."
Gibbens told The Brazil Times two of the homes will be donated to the Brazil Housing Authority as rental properties, while of the remaining six homes, only three families have qualified to make a purchase.
"More than 40 applications were sent out, but we only received about 12 of them back," Gibbens said. "Unfortunately, most of those did not qualify because they were unable to receive a mortgage for one reason or another."
According to the NSP Homebuyer Qualification guidelines, potential homebuyers must fall within county-specific income limits, receive at least pre-approval on a mortgage and attend a Housing and Urban Development Homeownership Counseling Course, which is a total of eight hours long and paid for through the NSP grant.
"The income limits are fairly reasonable," Gibbens said. "For example, an individual could make as much as $46,680, and a family of four could make $66,600 and be eligible, as long as they meet the other requirements as well."
In addition, potential homebuyers would not have to qualify for a mortgage to cover the entire sale price of the home, as subsidies are available.
If a home costs $100,000 to develop, but the maximum qualified loan amount a family could receive was $70,000, a subsidy of $30,000 would be available, with conditions connected.
"It is basically a soft second mortgage to help make the homes more affordable for lower income homebuyers," Gibbens told The Brazil Times. "No payments have to be made on the subsidy, and it is taken off the books if a family or individual maintains ownership of the home for at least 10 years."
However, if the owner sells the home within the 10 years, a prorated portion of the subsidy would have to be paid.
Gibbens added the homes are even more affordable as they are all Leadership in Energy & Environmental Design (LEED) certified by the United States Green Building Council, which is a higher rating for energy efficiency than an ENERGY STAR certification.
"So in addition to having an affordable purchase price with the subsidy, the LEED certification also makes it cheaper to maintain," she said.
Through the NSP grant, any monies made from the sale of the first set of homes will be "recycled" into the costs of building the second set of homes.
According to Gibbens, demolition work has been completed on four additional lots in the city in preparation to build five new homes.
"One of the locations is a double lot, which we intend to build two homes on," she said.
For more information about the NSP Homebuyer Program, or to request an application packet, contact Kenna Consulting and Management Group, Inc., Vice President Angie Pappano at 317-781-1651 or email@example.com.
Residents may also contact Gibbens at 446-0050 or firstname.lastname@example.org to request information.