Affordable Housing Assistance Program
affordable housing in san angelo
This is a program in partnership with the City of San Angelo to provide affordable housing in revitalization neighborhoods. We are building in 7 neighborhoods within the community. This is helping residents afford housing and put down roots.
Affordable Housing Assistance Program
Program Details: Newly constructed homes built in the seven (Blackshear, Belaire, Lakeview, Reagan, Rio Vista, Fort Concho, and Brentwood) low-income target neighborhoods. Homes are 2–4-bedroom, 2 baths with 1 car garage and a wood fence. Homes have brick and hardiboard exterior with energy efficient design. Most homes are between 1200 and 1300 sq. ft. heated space.
Homes sell for around $150,000. Qualified buyers get a buy-down from the City of San Angelo half-cent sales tax fund to bring their mortgage loan to around $100,000-$120,000. Home Buyer must have acceptable credit and available income to be approved for the loan amount from a participating lender.
Eligible Household Beneficiaries: Persons at or below HUD’s 80% Area Median Family Income (AMFI) with enough income to afford an estimated $1,000/month mortgage payment. (Typically, this is earning over $30,000/year.)
Eligible Activities: Newly constructed homes in target neighborhoods.
Home Buyer selects from available tax foreclosure lots and Galilee CDC owned properties and floorplans.
The buy-down is a deferred, forgivable second lien on the home.
Project construction financing may include HOME funds which require a corresponding fifteen-year affordability agreement.
Home Buyer must complete a HUD approved Home Buyer Education course.
FOR INFORMATION ABOUT GALILEE CDC CLICK HERE or call 325-655-6700