OWEN COUNTY HABITAT FOR HUMANITY ACCEPTING
APPLICATIONS FOR HOMEBUYERS
As a part of the Neighborhood Stabilization Project Grant in Gosport, IN Habitat for
Humanity of Owen County is gearing up for to accept applications for partner families to
be able to purchase 2-4 new homes in the Gosport NSP area.
All of the homes that were built as a result of the Gosport NSP grant will be sold to
qualified low and moderate income homebuyers through a partnership with Habitat for
Humanity of Owen County. Habitat for Humanity of Owen County is holding
informational meetings on May 9, and May 20, 2013 at 6:30 PM at the home located
at 261 E. North Street, Gosport, IN. At this meeting interested buyers can learn about
the Habitat program, about how they can qualify to participate in this special program and
receive paperwork to start the process. Below is some information on how the program
works and the qualification requirements.
HOW THE PROGRAM WORKS
The Neighborhood Stabilization Program sets forth specific guidelines for potential homebuyers of homes
developed utilizing Neighborhood Stabilization Program Grant Funds. The remaining homes must be
sold to Homebuyers earning less than 50% of the Owen County Median Income. Below is a table that
demonstrates the 2013 Income limits for 50% AMI qualified homebuyers
The calculation of income is based on the gross household income projected forward 12 months. Income
includes all earned income, gift income and federal assistance income.
Owen County Income Limits
NO. In 50% AMI
Household Income Limit
CREDIT READY ELIGIBILITY:
Habitat for Humanity will provide a mortgage to the qualified buyer, thus credit approval will be subject to
approval by Habitat for Humanity of Owen County.
The Town of Gosport will be transferring these properties to Habitat for Humanity of Owen County to sell
to the qualified buyers. The NSP program that funded the development of these homes will require a lien
& restrictive covenant for the full amount of the funds invested which will restrict the re-sale of the home
for a period of 15 years.
All potential homebuyers must agree to participate in a HUD approved Homeownership
Counseling Course. This is typically 8 one hour sessions. More information on this
program will be offered at a later date. The cost of the Homeownership Counseling is paid
for by the grant program or the counseling provider.
INPUT ON HOME & SWEAT EQUITY:
In some cases, if a homebuyer is qualified prior to the completion of the home, can have input on the
finishes of the final product. This could include such choices as paint colors, flooring, countertops,
lighting fixtures, faucets, etc. If the timing allows for this, Habitat can provide samples for the homebuyer
to choose from. Also the homebuyers will be required to participate in a certain sweat equity.
Interested individuals and families are encouraged to attend this informational
meeting on May 9, or May 20, 2013 at 6:30