MSHDA Homebuyer Purchase and Renovate Program
Choose Your Own House, Purchase it and Watch it Get Renovated Before You Move In...
GDC is offering a great new way for you to achieve the dream of homeownership.
This new program is called "Homebuyer Purchase & Renovation" (HPR) which provides
financial assistance in 2 easy ways:"
-
Money for down-payment and closing costs to help with the purchase of a home that YOU select
from within the Garfield Park target area.
-
Money to make repairs to the major systems of the house such as roofing, heating, electrical,
plumbing, insulation, etc to keep you from having to make costly repairs down the road.
Unlike GDC's ADR Program where we own the home and have
done extensive repairs and decorating/cosmetic improvements, the HPR Program
focuses primarily on the core systems of the house which means a lower
purchase price for you plus the opportunity to do some painting,
floor covering and other decorating on your own (or hire someone else
to do it) after you move in which has the potential to earn you more equity
over the years that you live in the home. Depending on the cost of the major system
repairs that are neccessary, GDC may have money left over to do things like new cabinetry,
painting, lighting upgrades and more. GDC never owns the home
with the HPR Program - all we do is provide the construction expertise
and extra money you need to transform the home that YOU choose into move-in condition.
The basic requirements of the program are:
-
Income Eligibility.
-
Pre-Approval by a lender for a mortgage that meets the program requirements.
- Selecting a house that you can afford and that fits within the program budget.
We will help you understand how to get through these requirements and on your way to homeownership.
Please contact GDC for more
information about applying for the HPR Program. You can also download
the HPR
Program Guidelines for more detailed information about how
this grant program works.