The Rehab-to-Sale program provides the opportunity for immediate homeownership in low-and moderate- income (LMI) neighborhoods or for LMI families.
GROWTH collaborates with housing counseling agencies to identify mortgage-ready buyers for this program. First-time home buyers will find peace of mind knowing they are purchasing a renovated home.
Homeowners are responsible for obtaining their own mortgage. GROWTH will assist buyers in accessing State and other financing and/or down payment assistance programs through partnerships with housing counseling agencies.
How it works:
- GROWTH buys single family properties in low, moderate, or middle income census tracts (GROWTH uses the FFIEC website to determine census tract income levels).
- GROWTH clusters its property purchases in targeted neighborhoods so as to increase homeownership and stabilize communities.
- GROWTH renovates the properties, giving buyers comfort and confidence in their future home.
- For properties purchased in low or moderate-income census tracts, GROWTH will seek buyers of any income level.
- For properties purchased in middle-income census tracts, GROWTH will specifically seek buyers whose income is 80% or less than the Area Median Income (GROWTH uses the FFIEC website to determine Area Median Income).
- Buyers will be required to provide income information and verification to GROWTH.
- Buyers will be required to secure their own mortgage; GROWTH is not currently offering mortgages under this program. However, GROWTH will refer clients to HUD-certified housing counseling agencies to assist with accessing State and other financing and/or down payment assistance programs, wherever applicable.
- GROWTH works with local HUD-certified housing counseling agencies to identify mortgage-ready buyers.
- GROWTH strongly encourages all buyers to complete pre-purchase counseling through a HUD-certified housing counseling agency.