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EHDC Homeownership

HOMEOWNERSHIP - ENTERPRISE HOUSING DEVELOPMENT CORP 

 

WHAT IS HOMEOWNERSHIP - EHDC? 

This is a small program, with no outside source of funding. We develop one or two houses at a time and keep the funds going.  The purpose of the program is to transition a family from assisted housing into their own home.  Families are given up to 4 years from the date we purchase the home to make themselves ready to get a mortgage and purchase the home.  

 

HOW DOES THIS PROGRAM WORK? 

Preference is given to current residents of the Enterprise Housing Authority, Public Housing Program.  The second preference goes to participants in the EHA Housing Choice Voucher program (formally Section 8).  Applicants must provide verification that they have worked full-time and earned income continuously for the past 24 months and have adequate income to purchase the property available.  Before an applicant can be qualified for the program, they must receive credit counseling and be pre-qualified for a loan adequate to purchase the property.  When a family is approved for the program, there is a lease-purchase agreement signed between the EHDC and the family.  The maximum lease period is 24 months with a possibility of extending it another 24 months.  The rent is set below the current market rent. The lease requires the applicant to meet certain rental requirements (as is common in any rental agreement).  The rider to this lease allows any rent money collected that is not directly applied to a cost of this program, to be saved in an escrow account to be used later as a part of the down payment to purchase the house.  However, if the family does not purchase the house, all the rent collected is considered regular rent and is retained by the EHDC. 

 

Take steps to find the home they want to purchase. 

Learn how to apply for a mortgage, get a mortgage, and take care of a home without having the EHA staff on call 

 

 If you have:  

  1. worked steadily for the past two years 
  1. a history of taking care of rental property  
  1. paid your bills on time 
  1. a clean police record (no one in the household has a criminal history). 

  

Applications are accepted by appointment only. Applications are placed on a waiting list and participants are selected from the waiting list when funds are available to purchase property. 

 

IF YOU THINK YOU QUALIFY BASED ON THE INFORMATION PROVIDED, PLEASE CALL THE OFFICE TO SCHEDULE AN APPOINTMENT.