SOUTH PORTLAND HOUSING AUTHORITY ANNOUNCES
new subsidized AFFORDABLE homeBUYER program
South Portland, ME, May 24, 2010 – The South Portland Housing Authority (SPHA) announces the launch of a new Home Ownership Program through a related non-profit, the South Portland Housing Development Corporation (SPHDC). The new Program is part of the Federally-funded Neighborhood Stabilization Program (NSP), designed to increase affordable home-ownership opportunities for local communities.
Three properties have recently been purchased for rehabilitation and resale: two single-family residences and one two-family residence. All three properties are located within the City of South Portland.
“We are very pleased to announce the opening of this program,” stated South Portland Housing Authority (SPHA) Executive Director Michael Hulsey. “The NSP Program opens up homeownership for individuals with incomes under $61,152 for a single individual, or as much as $87,360 for a family of four. This program, funded by HUD, allows us to subsidize up to 25% of the purchase price interest free for a buyer who meets the requirements.”
“We are delighted and proud to participate in such an excellent program,” added Hulsey. “It’s a great opportunity to add stability and improve housing stock that has been impacted by the recent downturn in real estate. The South Portland community is very well-served by this effort.”
The Program is open to residents and non-residents of South Portland, and requires participants to meet income requirements, complete an approved homebuyer course, and finance through conventional, portfolio, FHA, MeSHA, or VA funds at a fixed rate for up to 30 years. Participants must enroll in order to be notified of each property as it becomes available.
Click here to view Household Income Maximums.