Home Ownership Works Program
Home Ownership Works (HOW) is designed to address the goal of providing home ownership opportunities for households who otherwise would have difficulty in attaining home ownership. It is also designed to address the problem of abandoned and foreclosed houses through either rehabilitation or demolition and new construction.
The program serves the following objectives:
- Provides decent, long term affordable home ownership opportunities for households who would normally experience challenges in achieving home ownership
- Addresses the problem of vacant and deteriorated structures
- Helps the City maintain a base of owner occupants
- Helps combat the impacts of the foreclosure crisis
- HOW funds are available for renovation or new construction and sale of single-family dwellings, under the Home Ownership Works (HOW) program. Funds may be used for acquisition, demolition, rehabilitation, new construction, and/or homebuyer assistance.
- All homes must be sold to a homebuyer that is at or below 80% of area median income, defined by the Department of Housing and Urban Development. single family homeownership.
- HOW funds are provided as needed to fill a project gap (difference between the total development cost of a project and its sale price) and homebuyer assistance (difference between the sale price and what a homebuyer can afford).
- HOW program manual (PDF)
- HOW target area (PDF)
- HOW Homebuyer Assistance (PDF)
- HUD income limits
- 95% Median Value
The program may be accessed by approved developers that meet the minimum eligibility criteria as outlined in the HOW program manual.
- Housing Development Checklist (doc)
- HOW application (XLS)
- Proforma (please use this document instead of the budget in the HOW application) (xls)
- Environmental Review form (doc)
- CHDO Certification Form (doc)
For more information contact Aarica Coleman, (612) 673-5078
Last updated Feb 1, 2019