Galilee CDC Programs

General Guidelines        Specific Programs

General Guidelines

Each program has different criteria for qualifying. However, there are some things that are the same no matter which program you are in. You have to meet the program income guidelines and have “good recent credit.” In addition, our home buyers provide 100 hours of “sweat equity” and participate in the “Galilee Vision Fund.” This fund provides an opportunity for the home buyer to save $500 for down payment on their new home.

We have several floor plans to choose from. Our house plans are 3 bedrooms with 2 baths. They have a carport or a one car garage. Each home is between 1060 and 1300 sq. ft. of heated living space. The exteriors are brick or hardiboard. They have central air and heat with heat pump. The homes come with a wooden fence and Energy Star rated appliances.  The home buyer selects the interior and exterior colors, flooring and countertops for their home.

Specific Programs

San Angelo Affordable Housing Assistance

These homes must be built in the four targeted low-income neighborhoods (Reagan, Blackshear, Fort Concho and Rio Vista). Depending on the floor plan, these homes sell for $90,000 to $95,000. Prospective home buyers’ must be approved for a $55,000 to $60,000 loan from a participating bank. The City of San Angelo (COSA) provides gap buydown financing and closing cost assistance to cover the difference between the home buyer’s loan and the selling price of the home. The COSA assistance is forgiven over a 30 year period.

During FY2012, our work plan includes the construction of at least 2 new homes in under this program. One of these homes could be yours.

A typical monthly payment for a $95,000 house is around $597* per month.  This includes the Principal, Interest, Taxes and Insurance. *Estimated payment based on a $37,500 COSA buydown, $57,500 loan and a 30-year fixed rate mortgage of 7.25%

Neighborhood Stabilization Program (NSP)

We built three new homes on the 400 block of East 11th Street for the NSP program. Qualified families earning below the 50% of HUD median income. can purchase these homes at a zero percent interest rate. Families earning between 51-120% of HUD median income can purchase a home for market interest rate. Assistance is available for both closing costs and down-payment.

A typical monthly payment for one of these $90,000 homes is around $447* per month. This includes the Principal, Interest, Taxes and Insurance. *Estimated payment based on a $90,000 loan and a 30-year fixed rate mortgage of 0% carried by the State of Texas.

PHA Section 8 Home Ownership Program

Families that receive PHA Section 8 rental assistance may be able to qualify to purchase a new home. If you have a Section 8 voucher for a three bedroom home, instead of paying rent with your voucher, you can use it to subsidize your monthly payment on a new home purchase. Over time, your assets grow in value from the equity you gain from owning a home.

For example, if you use your voucher to rent for 15 years, you have zero equity. (The landlord got all your money.) If you use your voucher to help pay your mortgage, you will have 15 years of equity invested in your home. You must qualify through a participating lending institution and meet all the criteria of your local PHA to qualify for this program. We will work with the local PHA office to help you. 

North Angelo Housing (NoAH) Estates

Through the TDHCA Low Income Tax Credit Program Galilee CDC is building 36 Single Family homes for rent in the Blackshear Revitalization Neighborhood. Construction will start in early 2012. Qualifying renters must earn below 60% of the HUD median income for their family size.

 Housing Trust Fund Downpayment Assistance

We are able to provide up to a $10,000 loan for down-payment and closing closts to qualified home buyers. The loan is at 0% interest and repayments begin in year six of your mortgage.

Amy Young Barrier Removal Program

We are able to assist low income renters and home owners who have a household member with disabilities that need minor accessability modifications on their home.

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