Waco plans to increase loan amount for first-time buyers

Waco City Council is considering increasing the loan limit for a program that helps first-time home buyers.

Currently, the Down Payment Assistance Program assists low- and middle-income families who qualify for assistance with a loan of almost $ 15,000.

“Even with aid of up to $ 14,999, there is still a gap that prevents them from qualifying to buy the house,” said Galen Price, deputy director of economic development and housing for the town of Waco.

The City of Housing and Economic Development proposes to increase the loan amount to $ 25,000. The additional $ 116,000 will come from funding the city receives from the US Department of Housing.

“House prices have increased by about 50% over the past 10 years and the cost of the affordable housing we build has increased by 30%. However, the region’s average median income only increased by 15%, ”Price said.

Thaleal Crane purchased one of the 12 homes in the Legacy Square subdivision in East Waco that received a $ 25,000 loan from the city, said it helped them achieve the goal of owning.

“That’s the main thing that catapulted me into this process when I realized I was there,” Crane said.

Crane received this amount because she moved to the affordable housing area built by the non-profit organization NeighborWorks Waco.

The mother of five has left the apartment she had rented for five years.

“We have passed that space. They are excited to know that they will have their own space,” Crane said.

Waco city council will decide on Tuesday whether or not to approve the change, which could allow the city to help six more families.

To learn more about the issue, click here.

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