Homeownership

ABOUT THE GNDC AFFORDABLE HOMEOWNERSHIP PROGRAM

Since 1984, Guadalupe Neighborhood Development Corporation (GNDC) has operated an affordable homeownership program. In 2012, GNDC started developing homes as part of the Community Land Trust (CLT), including developing the first CLT home within in the state of Texas. Read more about CLTs here: https://www.guadalupendc.org/what-is-a-community-land-trust.

By participating in GNDC’s Affordable Homeownership Program, homeowners must:

• Agree to all affordable housing restrictions established by GNDC and other funders, like the Austin Housing Finance Corporation,

• Enter a 99-year ground lease with GNDC and must comply with all lease provisions, including paying the monthly ground lease fee, affordable equity, and re-sale provisions, and

• Participate in a Home Owners Association (HOA) with certain home sales.

Households interested in becoming homeowners must submit an application to get on our waitlist. Please make sure that your email address(es) and telephone number(s) are correct. As homes become available in our pipeline, GNDC will contact households on the waitlist to determine their current eligibility. Eventually, GNDC will need households to submit third-party documentation verifying their income information, debt, and assets. Third-party verification includes credit reports, bank statements, tax returns, and three months of current and consecutive pay stubs.

General Eligibility Information

• Applicants must have a total household income at or below 80% of the most current Median Family Income (MFI) limits as established by the Department of Housing and Urban Development (HUD) for the Austin Metro Area (see table below).

  • How to understand the MFI chart, you look for your household size then you look for the income level. If my household size has one person, then:

    • At the income level: If you are a one person household that makes $68,500 per year, you are at the 80% MFI level, and you are eligible.

    • Below the income level: If you are one person who makes $60,000, you are below the 80% MFI level, and you are eligible.

    • Above the income level: If you are a one person household that makes $68,500.01, you are above the 80% MFI level, and you are not eligible.

• Applicant must qualify for a mortgage.

  • A credit score of 620 or more is often needed for mortgage qualification. We recommend running a credit report for your application, so you know what your credit score currently is. Foundation Communities, a local nonprofit, provides financial coaching through their Prosper Centers. More information is available here: https://foundcom.org/financial-wellness/.

• Applicants must have at least $6,000 in savings at the time of purchase.