Improving Neighborhood Housing
The University Development Corporation strengthens neighborhoods and improves the quality of life by making housing and neighborhood improvements. Affiliated with the University District Partnership, the UDDC is a nonprofit organization to increase affordable housing and make neighborhood improvements within the University District
Special Needs Assistance Program
The UDDC secured funding from the Federal Home Loan Bank of Dallas’ Special Needs Assistance Program (SNAP) grant for minor home repair costs for homeowners over age 55 or those having a documented disability and income of 80 percent or below the median income for the area. In 2010, roofs of eight homes and two HVAC units were replaced in University District Neighborhoods.
First-Time Homebuyer Program
The First-Time Homebuyer Program builds new housing or repairs existing housing to attract new homeowners to the district.
The University District Development Corporation is committed to preserving and improving the number of quality affordable housing units in the University District through its First-Time Home Buyer Program. This program is especially designed to help eligible first-time home buyers purchase a new or recently rehabilitated home by the UDDC within the University District. The UDDC Program provides assistance with down payment, closing costs, and purchase price reductions.
- Down Payment and Closing Cost Assistance
- Home Price Reduction
Households meeting income qualifications are eligble to receive down payment and closing cost assistance to purchase a home constructed or renovated by the UDDC. The amount of down payment assistance provided is based upon need. The maximum amount of assistance available for down payment and closing costs is $20,000.
The UDDC can work to reduce a home buyer’s monthly housing costs by subsidizing the sales proce of the house. The UDDC offers a home ot the buyer at a lower sale price that presents a lower burden to home buyers. The development of subsidy is the difference between the cost to develop housing at the market price. The subsidy is a grant from the UDDC to the homeowner.
The First Time Homebuyer Program is financed through the City of Little Rock with funds from the U. S. Department of Housing and Urban Development (HUD) HOME Program. Barrett probably has a link to the city department or the HUD program link.