FOR IMMEDIATE RELEASE: May 11, 2006
New City program provides homeownership assistance
Live Your Dream homes tour May 20 and 21
To help more citizens realize their homeownership dreams, City Manager Wayne A. Cauthen announced Thursday the launch of the Kansas City Dream Program. This new homeownership program provides down payment and closing assistance to low- to moderate-income buyers.
The Kansas City Dream Program will provide a second mortgage of up to 20 percent of the sale price as a loan that will be forgiven over a period of 10 years. Assistance will range from a minimum of $1,000 to a maximum of $20,000. First mortgage loans will be provided by a network of City approved lenders.
Potential home buyers must be at or below 80 percent of the area median income based on family size. Kansas City income limits are:
1 Person -- $38,300
2 People -- $43,800
3 People -- $49,250
4 People -- $54,700
5 People -- $59,100
6 People -- $63,500.
Participants must purchase a home that costs no more than $150,000; be a first time buyer or meet exception requirements; and purchase a home in the approved targeted area.
"Affordable, quality housing opportunities are critical to strong, lasting communities and individual prosperity," Cauthen said. "This program can assist underserved Kansas City families and individuals in overcoming the obstacles to homeownership."
In addition to launching the Kansas City Dream Program, the City will hold the Live Your Dream homes tour May 20 and 21. The tour will promote homes that were built or rehabilitated by area community development corporations and are available through the City Planning and Development Department's housing programs.
"We hope the Kansas City Dream Program and Live Your Dream homes tour will reignite the excitement of the community and demonstrate the City's commitment to rebuilding the City's housing programs," said Stacia Johnson, housing administrator.
Many of the homes feature high-efficiency heating and cooling systems, maintenance-free exteriors, new paint, carpet and cabinetry. All homes will be open for prospective buyers to tour from 10 a.m. until 6 p.m.
Although some homes exceed the $150,000 sales price for the Kansas City Dream Program, alternative loan products may be available in certain cases for buyers not meeting the income requirements.
More information, including photos of the homes and the sales prices, can be found at www.kchomeprograms.com.
For more information, call Stacia Johnson, housing administrator in the City Planning and Development Department, (816) 513-3036.