HACDC

Housing Counseling (pre-purchase): Critical to the Home Ownership Training Program is the one-on-one counseling for families to resolve problems that might prevent them from securing a mortgage. This counseling is supplemental to the information clients receive in HBE classes. HACDC staff work with clients to resolve their credit issues, create a working budget, secure market-rate mortgages, as well as subsidized loans that make their new home affordable. Assembly of buyer financing with the required multiple layers of lending is perhaps the most labor intensive element of housing counseling program as it requires many meetings with the clients to collect updated documents for the various lenders, both private and governmental.

HACDC has developed 51 affordable homeownership units in the past five years. Utilizing HUD funding and two separate lines of credit from lending partners, HACDC has acquired bank foreclosed properties for rehabilitation or reconstruction and resale to them its low to moderate income clients. From 2010 to early 2015, 42 single-family homes were acquired, redeveloped and sold to qualified low-income buyers. HACDC's clients are currently priced out of the market, as a result HACDC acquired 16 properties and will redevelop them as duplexes to create a more affordable product. However, HACDC recognizes that a significant portion of its target population can't buy a home. To address this need HACDC has worked strategically to create more affordable rental housing units. In 2013 HACDC completed a 65-unit building and is currently completing a 6-unit and a 2-unit building, with a 12-unit building, Villa Jardin III (VJ3) in predevelopment.