A newly renovated home in the Fair Park neighborhood is now up for sale by the University District Development Corp., which is offering eligible first-time homeowners a $20,000 subsidy for the down payment and closing costs.

The home at 1516 South Harrison St. is the first of several the organization plans to rehabilitate, renovate, and offer for a subsidized sale to promote home ownership in the neighborhoods in the district and to promote affordable housing options.

The three bedroom, two-bath home offers tile floors in the kitchen and baths with carpet throughout. The kitchen offers new appliances — with the new owner choosing the style — and a tile back splash. The 1,250 square-foot home, originally built in the 1940s, has new wiring, heating and air, flooring, cabinets and counter tops, doors, and finished walls with neutral paint. It is listed at $105,000.

To qualify for the subsidy, prospective buyers must have an annual income of no more than 80 percent of the area’s median income. That means the maximum gross annual income to qualify would be $33,150 for one person, $37,850 for two people, $42,600 for a family of three, or $47,300 for a family of four. A first-time homebuyer is a person who has not financed a home within the last three years prior to the date of closing on a home in  the UDDC program.

The UDDC, created in 2008 as a nonprofit organization, received a federal HOME Program grant from the city of Little Rock in 2009 to rehab or construct six units of affordable housing for first-time homebuyers. The home on South Harrison is the first of six properties and district hopes to complete over the next year.

The UDDC is the latest neighborhood development program in which UALR has played a key role. In the early 1990s, UALR partnered with the city and Little Rock Housing Authority to tear down the old Highland Courts housing project and developed Madison Heights, a model mixed-income apartment development. The University and the city have partnered to construct 15 single family houses for first-time homebuyers. Eleven of the 15 houses are still occupied by the original owners.

This year the UDDC received funding from the Federal Home Loan Bank through Arvest Bank and Centennial Bank locally to make minor repairs to housing owned by elderly or disabled persons. The district also received about $53,000 to replace 10 roofs and two HVAC systems.

To help prospective homeowners, the district is coordinating several First-Time Homebuyer Information Sessions to include information related to income requirements, conventional/FHA mortgage financing, credit scores, and debt to income ratio.

To learn more about the UDDC program guidelines, the process for applying, or an information session, contact Barrett Allen at 501-683-7361.