Homeownership Aid in Kenner for First-Time Buyers

The City of Kenner, through its Department of Community Development, extends a helping hand to individuals and families with a vision of owning their first home. The First-time Homebuyers Assistance Program is designed to provide essential financial aid to low, moderate, and median-income households striving to make their homeownership dreams come true within the City of Kenner.

Access to Financial Support This program offers eligible applicants a deferred payment loan, which can reach a maximum of $35,000. These funds serve as a lifeline, assisting with down payments and closing costs, ultimately reducing the primary mortgage loan amounts. Repayment of this loan is required in specific situations, such as when the home is sold, vacated, or transformed into an income-producing property. However, under certain grant terms and an established affordability period, the loan can be forgiven. This means that once the forgiveness conditions are met, the homebuyer is no longer obligated to repay the received funds.

Understanding the Affordability Period The duration of the affordability period is determined by the amount of assistance provided:

• For assistance less than $15,000, an occupancy period of 5 years is required.
• Assistance ranging from $15,000 to $40,000 necessitates an occupancy period of 10 years.
• If the assistance exceeds $40,000, an occupancy period of 15 years is mandated.

Eligibility Criteria To qualify for the program, applicants must meet specific criteria. They should be first-time homebuyers who are either U.S. citizens or eligible permanent residents. Additionally, they must successfully complete a first-time homebuyers training course. Furthermore, their annual household income must fall within the limits established by the U.S. Department of Housing and Urban Development (HUD), as indicated below:

• 1 person household: $35,500
• 2 person household: $40,550
• 3 person household: $45,600
• 4 person household: $50,650
• 5 person household: $54,750
• 6 person household: $58,800
• 7 person household: $62,850
• 8 person household: $66,900

Property Considerations Applicants must also ensure that the property they intend to purchase complies with specific guidelines. The property should be an existing or newly constructed single-family residence situated within the incorporated areas of the City of Kenner. Furthermore, it must serve as the applicant’s primary residence and adhere to local codes, Housing Quality Standards (HQS), and lead-based paint standards.

Property inspections are conducted to verify HQS and City Code compliance. Additionally, the property must gain approval from the primary lender and insurer. Currently, the maximum allowable purchase price is $180,000, ensuring that the program remains accessible to a broad range of aspiring homeowners.

The First-time Homebuyers Assistance Program offered by the City of Kenner opens the door to homeownership for individuals and families who may have faced financial barriers. By providing valuable assistance and establishing clear guidelines, Kenner empowers its residents to achieve the dream of owning their first home. This initiative not only strengthens communities but also fosters a sense of stability and pride among its beneficiaries.