Affordable Homeownership

Fulfilling The American Dream

As real estate and insurance costs skyrocket, buying a home can be tough for low-wealth working families. Yet, it can be beneficial for families to build equity in their own property.

The Affordable Homeownership Program offers help. Through this program, Volunteers of America has completed four of 11 new homes in Gretna. The homes will be sold for about $123,000 to $128,000 to qualified low-wealth buyers.

The well-designed three-bedroom, two-bath homes, about 1,424 sq. ft., are in an area bounded by Hancock, Porter, Palfrey and Van Trump Streets in the Suburban Park subdivision, within walking distance of schools, shopping and transportation. Construction on the remaining homes is expected to start in the first quarter, 2007.

Families who qualify also are eligible for help with down payments, financing and other costs through grants and other kinds of assistance. Income requirements are:

Family of 5 — $45,200 or less
Family of 4 — $41,850 or less
Family of 3 — $37,650 or less
Family of 2 — $33,500 or less
Family of 1 — $29,300 or less

The program is funded in part by HOME grant funds from the Jefferson Parish Department of Community Development. The U.S. Department of Housing and Urban Development allocates HOME grants to local jurisdictions. The grants help Volunteers of America with construction costs and provide up to $30,000 in down-payment costs to buyers.

An additional $5,000 grant, for closing costs and help with the mortgage, from the Federal Home Loan Bank of Dallas, will be available through our project partner, Capital One Bank, upon qualifying. Volunteers of America received a Fannie Mae Foundation grant for program operating expenses.

To learn more, call (504) 482-2130.