Innovative Development Empowerment Area

Microsoft PowerPoint - IDEA Homeowner Program 5-24-16.pptxWhat is IDEA? • Homebuyer program created to provide down
payment and settlement assistance loans
• Stimulate sales in identified areas throughout New Castle County (parts of Christiana, Claymont, Newark, Newport, and New Castle)
How are the areas identified? • Delaware State Housing Authority (DSHA) Housing
Needs Assessment, 2015 – 2020, Market Value Analysis (MVA)
• MVA identifies housing market conditions by Census Tract
• New Castle County chose the markets reflecting instability or distress
Thomas P. Gordon County Executive
IDEA Homebuyer Program
• You DO NOT have to be a First Time Homebuyer
• Must be Owner-Occupied
Income Qualify
Total Household income may not exceed 120% Area Median Income (AMI)
Number in Household
120% AMI
1 $67,560
2 $77,160
3 $86,760
4 $96,360
5 $104,160
6 $11,840
7 $119,520
8 $127,200
Housing Counseling
Prior to closing, all borrowers must be certified as having completed a Homeownership Education Program with a New Castle County recognized HUD approved housing counseling agency.
Additional Incentive
An “IDEA” homebuyer may combine other New Castle County loan programs that are available if qualified!
Criteria DPS IDEA
Maximum Income 80% Median (by household size)
Up to 120% Median (by household size)
First Time Homebuyer YES NO
Loan Purpose Normal and Customary Downpayment/Settlement Costs
Normal and Customary Downpayment and Settlement Costs
Loan Amount $5,000 $5,000
Terms
3 yr. deferred / 5 yr. payments DTI not to exceed 50%
$500 minimum cash requirement from borrower
1 yr. deferred / 9 yr. payments $500 minimum cash requirement
from borrower
Census Tracts: 101.00,101.04,107.02,127.00,129.00, 138.00,141.00,142.00,148.08,149.03,
Required Inspections Home Inspection & Lead Visual w/ required lead repairs
Home Inspection & Lead Visual no repair required
Homeownership Education Required (NCC pays $250 to Agency)
Required (NCC pays $250 to Agency)
Owner Occupied Residency Requirement YES YES
IDEA Identified Census Tracts
101.04 Addick Estates, Claymont Manor, Claymont Village, Riverside Addition, Rolling Park
107.02 Clifton Park Manor, Edgemoor Gardens, Edgemoor Terrace, Edgewood Hills, Gordon Heights, Hillcrest, Penn Rose, Pennyhill Terrace
127.00 Glenville, Kiamensi Heights, Pleasant Hills, Redmont, Silview, Tuxedo Park, Westview
129.00 Alban Park, Ashley, Ashley Heights, Forest Brook Glen, Idela, Latimer Estates, Middleboro Manor, Newport Heights
138.00 Edgebrooke, Harmony Hills, Rutherford
141.00 Cherokee Woods, Chestnut Hill Estates, Greenbridge, Greenleaf Manor, Kimberton, Newark Oaks, Todd Estates, Whispering Pines
142.00 Windy Hills
148.08 Belltown Woods, Cannonshire, Cooches Bridge Farms, Glasgow Pines, Stones Throw
149.03 Becks Landing, Glasgow Court, Heather Woods, Sparrow Run, Village of Fox Meadows
149.07 Centennial Village, Christiana Landing, Crossings at Christiana, Newtown Village, Princeton Woods, Rivers End, Woodbridge
149.08 Aston Condos, Cedar Pointe at Wilton, Somerset Square, Wilton 2&4
150.00 Carriage Run, Coventry, Duross Heights, Ivy Ridge, Stratford
152.00 Chelsea Estates, Overview Gardens
154.00 Dunleith, Oakmont, Rose Hill Gardens
155.02 Eden Park Gardens, Holloway Terrace, Mayview Manor, Simonds Gardens
156.00 East Minquadale, Garfield Park
158.02 Buttonwood, Collins Park, Riveredge Park
160.00 Jefferson Farms
IDEA Identified Census Tracts continued…
IDEA Homebuyer Results
• 51 loans settled since September 15, 2015
• Popular Loan Product • 0% interest • income limits are higher • long term payout • Underwriting is favorable
IDEA Homebuyer Results
• 80% first time homebuyers • Income Information
• 7 loans to households at 50% AMI • 21 loans to households at 80% AMI • 23 loans to households at 120% AMI
• 42 loans to minority headed households • 24 loans to female headed households
MAP
A Happy New Homeowner At Settlement! Thank you!!

Documents

Innovative Development Empowerment Area