Nevada County Picayune and Gurdon Times Newspaper Archive

242 Arkansas Families Take Advantage Of Program

For many Arkansans, the largest obstacle to homeownership is saving for down payment and closing costs. In fact, this is a problem all too common among low to moderate income Arkansans who have little of their pay check left after paying for rent, utilities, transportation, insurance and groceries. To help potential low income homebuyers with these costs, the Arkansas Development Finance Authority (ADFA) initiated the Low Income Homebuyers Assistance Program.

This year, 242 families have received up to $3,000 in down payment and closing cost assistance, with certain strings attached.

The strings include:

• A buyer must attend and receive a Certificate of Completion" from an ADFA-approved homebuyer counselor.

• A buyer's income can not exceed 80% of the area median where the property is located.

• The minimum homeowner investment of $500.00.

• The homebuyer must occupy the property as his or her principal residents.

• The buyer must live in the home for at least five years, or a portion of the subsidy must be repaid to ADFA.

• The homebuyer must use a lender participating with ADFA in the program.

On Thursday, October 24, 11 organizations passed intensive training courses to become approved counselors for the Low Income Homebuyer Assistance Program. The Counselor approved for Clark County in Congressional Dist. 4 is the Community Service Office, Inc. in Hot Springs, 501-624--5724.