The City of Taylor recently was allocated $2,495,000.00 Federal funds to address the vacant and foreclosed properties in selected sections of the City of Taylor. The program has been titled the Neighborhood Stabilization Program. A large portion of these funds will be spent purchasing, rehabilitating and selling these single family dwellings to residents that meet the below requirements.
The City of Taylor complies and performs business in accordance with the Fair Housing Act and does not discriminate against any person because of race, color, religion, sex, handicap, familial or national origin.
The City will be accepting applications from those who meet these requirements listed below (subject to change per NSP and HUD guidelines):
1. Meet the following maximum household incomes
1 Person = $59,650.00 Family of 2= $68,150.00
Family of 3 = $76,700.00 Family of 4= $85,200.00
Family of 5 = $92,000.00 Family of 6= $98,850.00
Family of 7 = $105,650.00 Family of 8= $112,450.00
2. Applicant must have established good credit and must be able to obtain a mortgage from a state licensed lender, FHA- approved lenders preferred.
3. One person in the family must have continuous full-time employment with a minimum of 12 months prior continuous full time employment.
4. Applicant must agree to live in the home (owner occupied) as owner’s primary residence for 5 years. Deed restriction will require that if owner must sell the home prior to the expiration of 5 yrs the City of Taylor will have first right of refusal to purchase the property back for the price the owner paid or the market value of the home at time, whichever is less.
5. Applicant must agree that the property will be used as a private residence only and will not be used for any business or commercial purpose including being used as rental property.
6. Adult applicants and adult occupants of the home may be subject to a criminal history review.
7. Applicants must participate in a specified HUD approved homeownership education program.
8. All Department of Housing and Urban Development requirements will apply.
Program requirements subject to change.
If you require assistance, Please contact the Community Development and Housing Department at (734) 374-1366.
Program requirements may change
All HUD requirements will apply