Re: Median income and HUD
From: Kate Nichols (knicholsbellcoho.com)
Date: Fri, 4 Apr 2003 07:43:01 -0700 (MST)

I wrote and received a grant for $125,000 for down payment assistance for five families. It was set up as a revolving loan fund, so after 30 years or when you sell your house, the homeowner will have to pay back the money to the fund so another family can use the money. It was from a Washington State agency, the housing trust fund which is federally funded so the HUD numbers applied. The families had to be at 80% of median income or lower. Kate, Bellingham cohousing.



Camela Alexander <camelaha [at] yahoo.com>
is the author of the message below.
It was posted by Fred the Cohousing-L list manager <fholson [at] cohousing.org>
because the message included HTML ;      PLEASE do not post HTML, see
   http://csf.colorado.edu/cohousing/2001/msg01672.html  and
   http://www.harley.com/turn-off-html/
--------------------  FORWARDED MESSAGE FOLLOWS --------------------


I have found updated information on the HUD website for 2003.  I actually
was surprised at how high the numbers are.  In our area (Portland,
Or/Vancouver, WA) the median income is approximately $65.8K/year (slightly
higher than the nation as a whole).  HU D programs vary in the cutoffs for
assistance; low income is defined as 80% of this number and very low
income is 50%.  However, HUD has some programs that will give assistance
up to 140%.  Further, for a project to get assistance, only a certain
percenta ge of participants need to be low or very low income.  In these
economic times, it's not all that hard for many people to qualify; the
difficulty is that sometimes it takes so long to work through the process,
that by the time you're ready to take advanta ge of it, you may have
ceased to qualify.

Does anyone have experience working with (either successfully or
unsuccessfully) HUD or other public agencies?

Camela Hicks Alexander
East Portland Cohousing Group


_______________________________________________
Cohousing-L mailing list
Cohousing-L [at] cohousing.org  Unsubscribe  and other info:
http://www.cohousing.org/cohousing-L


--
_______________________________________________
Cohousing-L mailing list
Cohousing-L [at] cohousing.org  Unsubscribe  and other info:
http://www.cohousing.org/cohousing-L

Results generated by Tiger Technologies Web hosting using MHonArc.