The University District Development Corporation (UDDC) is inviting first-time homebuyers working at UALR to an information session from 11:30 a.m. to 12:30 p.m. Friday, Aug. 13, at the Bailey Alumni Center to learn about an assistance program offering help with down payments, closing costs, and price reductions for homes in the University District.

Other information sessions for other prospective homeowners will be scheduled in the future, but this first session is targeted for UALR employees who can meet the qualifications for the new program.

Funded by the federal HOME Program administered by the City of Little Rock, the program offers assistance for first-time homebuyers interested in new or renovated homes recently rehabilitated by the UDDC within the University District. Other information sessions for other would-be homeowners will be scheduled as renovated homes become available

The UDDC is nearing completion of its first home at 1516 South Harrison St. The corporation plans to develop an additional five properties over the next year.

The session at the Bailey Center will include information related to income requirements, conventional/FHA mortgage financing, credit scores, debt to income ratio, and more.

Individuals must meet income guidelines, which are adjusted for household size. To qualify for the UDDC program, buyers must:

• Be a first-time homebuyer.

• Have an annual income that is not more than 80 percent of area median income.

• Purchase a home that has been constructed or renovated by the UDDC within the University District Development Area.
A first-time homebuyer is a person who has not financed a home within the last three years prior to the date of application to the UDDC program. To find out more about the UDDC program guidelines and the process for applying, contact Barrett Allen at 501-683-7361.