[Vision2020] $10, 000 Down Payment Assistance Available Via American Dream Down Payment Initiative

[Donovan Arnold]

--- Tom Hansen <ththansenomoscowom> wrote:

"$598.77 per month for the next 30 years is a little
steep for a family on Section 8."

Then add on Moscow Property Taxes, then add the tax
increases from school district bonds saying "Vote Yes
of the Kids" and where are you leaving Moscow's
poorest? Where it leaves them is $825 a month in a two
bedroom home in need of repairs.

Thank you for making my case Mr. Hansen. And just so
you know, most of Moscow's poorest afford housing by
doubling up and tripling up in small apartment units.
This is why I have been complaining about a lack of
affordable housing (30% of net income)within the city
of Moscow.

Mr. Hansen is correct that this program is worthless
if you are poor and trying to live in Moscow.

However, I thank Ms. Carcich for bringing up the offer
because it does help people that are forced to live in
other cities in Idaho because they are being kicked
out of Moscow by low wages and high housing costs, and
ridiculously high taxes.

 
Donovan J Arnold
 


> One problem (I think).
> 
>  
> 
> Assuming that the price of a moderately priced house
> in the Moscow area is,
> say $100,000.
> 
>  
> 
> ADDI provides $10,000 for down-payment/closing
> costs.  That leaves $90,000.
> Mortgaged over 30 years at 7%, monthly mortgage
> payments amount to $598.77.
> 
>  
> 
> $598.77 per month for the next 30 years is a little
> steep for a family on
> Section 8.
> 
>  
> 
> Any thoughts?
> 
>  
> 
> Tom Hansen
> 
> Moscow, Idaho
> 
>  
> 
> We could learn a lot from crayons: some are sharp,
> some are pretty, some are
> dull, some have weird names, and all are different
> colors....but they all
> exist very nicely in the same box. 
> 
>   _____  
> 
> From: vision2020-bounces at momoscowom
> [mamailtoision2020-bounces at momoscowom]
> On Behalf Of JaJanesta. CaCarcich> Sent: Tuesday,
May 31, 2005 9:51 AM
> To: Vision 20/20
> Subject: [Vision2020] $10,000 Down Payment
> Assistance Available Via American
> Dream Down Payment Initiative  
> 
>  
> 
>  
> 
> 
> Good morning!
> 
> This program will assist in the purchase of a home.
> *smile* Perhaps you, or
> someone you know would benefit from this. If so,
> please pass it on!
> 
> Have a lovely day!
> 
> JaJanestaaCarcich> Independent Living Advocate
> 
> 
> 
> 
> (BOISE) Starting April 1, eligible home buyers can
> get up to $10,000 in down
> payment assistance through a new program from Idaho
> Housing and Finance
> Association. The Bush Administration, together with
> the U.S. Department of
> Housing and Urban Development, has launched the
> American Dream Down Payment
> Initiative, which offers assistance based on need
> and income. IHIHFAill
> administer these funds in Idaho.
> 
> "ADDI funds are primarily for those in mobile home
> parks, public housing
> units and current Section 8 voucher holders," said
> Julie Williams, IHIHFAice
> president of Community Housing Services. "Families
> earning below 80 percent
> of the median area income and first-time home
> buyers, or families
> participating in an Individual Development Account
> program, which sets aside
> and provides matching funds for education,
> employment and housing, also
> qualify.
> 
> Some sources have estimated that up to 30 percent of
> low-income families
> cannot afford to buy a modestly priced home solely
> because they lack
> sufficient funds for the down payment and closing
> costs. Obtaining the
> resources to meet these upfront costs is the most
> significant obstacle to
> home ownership among lower-income families, Williams
> said. 
> 
> "The American Dream Down Payment Initiative will
> eliminate this obstacle for
> many while enabling communities to increase home
> ownership opportunities,
> particularly for lower-income and minority
> households, broaden their tax
> base and revitalize neighborhoods," she added.
> 
> For more information on ADDI, contact IHIHFA'srant
> Programs Department at
> 1-877-4GRANTS or check IHIHFA'seb site at
> wwwwwhihfarorgdaddinformation.asp.
> For initiative updates or information on the
> availability of other HUD home
> ownership assistance programs, please check HUHUD's>
Web site at wwwwwuhudov. 
>        
> 
> >
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>    
>           mamailtoision2020 at momoscowom
>
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> 

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