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TRANSCRIPT
The United States Department of Housing
and Urban Development (“HUD”) under
the American Recovery and Reinvestment
Act of 2009 (“Recovery Act”), Public Law
111-005 created the Neighborhood
Stabilization Program II.
11/10/2014 2
The key objective of NSP II is to create
more affordable housing and renew
neighborhoods devastated by the
economic crisis.
11/10/2014 3
El Paso Affordable Housing (EPAH) was
awarded funding to implement the NSP II
Program in the State of Texas (El Paso County) .
EPAH will acquire lots and redevelop them with
homes in targeted census tracts,
EPAH will provide NSP II down-payment
assistance for qualified applicants--EPAH will
provide certification and a financing mechanism.
11/10/2014 4
EPAH NSP2 Targeted Census Tracts
EPAH-NSP2 Approved Census Tracts & Conversion Schedule - 2000 CT to 2010 CT 2000 Census Tract Location 2010 Census Tracts
2.03 El Paso County 2.03 2.08 El Paso County 2.08
8.00 El Paso County 8.00
30.00 El Paso County 30.00
103.09 El Paso County 103.32 103.33 103.34 103.35
103.20 El Paso County 103.41 103.42 103.43 103.44 103.45
102.04 El Paso County 102.18 102.19
102.09 El Paso County 102.13 102.14 102.15 102.16 102.17
102.06 El Paso County 102.10 102.11 102.12
102.07 El Paso County 102.07
104.03 El Paso County 104.05 104.06 104.07
43.15 El Paso County 43.19 43.20
103.14 El Paso County 103.26 103.27 103.28
103.15 El Paso County 103.29 103.30 103.31
105.01 El Paso County 105.01
103.21 El Paso County 103.36 103.37 103.38
40.03 El Paso County 40.03
41.04 El Paso County 41.04
105.03 El Paso County 105.05 105.06
105.04 El Paso County 105.04
AVERAGE
SCORES
7.00 Doña Ana County 7.00
13.01 Doña Ana County 13.01
11/10/2014 5
Homebuyer MUST attend Homebuyer and Financial
Education workshop from a HUD approved Housing
Counseling Agency. EPAH is a HUD approved
Housing Counseling Agency.
Homebuyers must also attend an EPAH-NSP2
orientation, (which is part of selected EPAH
workshops or online with a survey).
Once receiving a Homeownership Certification of
Completion AND a EPAH-NSP2 Orientation
Certificate, a Homebuyer is eligible to register for the
NSP2 program—Both must be successfully attended.
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Homebuyer registration into the NSP2 program will be on a first come-first serve basis, and at EPAH offices during normal working hours.
Registrants must show certificate of completion of Homebuyer and Financial Education workshop AND EPAH-NSP2 orientation.
All Registrants should bring the following documents for Eligibility Certification: Tax Returns, 6 months bank statements, current paystubs,
proof of residency, government issued picture ID, Social Security Card, Social Security-Pension award letters, proof of student status for ALL Student family members.
11/10/2014 7
Once registered, Homebuyer needs to schedule a one-on-one assessment with EPAH staff to determine eligibility into the NSP2 program.
Homebuyer MUST qualify for a mortgage loan with a participating Lender for a mortgage loan amount to be able to receive NSP2 Program assistance.
EPAH will determine maximum amount of Homebuyer Assistance, based on homebuyer family size, income, need, and price of selected home, as determined by HUD guidelines.
11/10/2014 8
Once qualified for a lender loan and for the EPAH
NSP2 Program, the Homebuyer can place an offer
on a home they qualified for and is listed on
EPAH’s website. Offers are accepted on a first
come-first qualified basis, and will be registered
as an offer to purchase on a first come-first serve
basis with EPAH NSP2 Staff.
Close the purchase of the Home at a Title
Company or Escrow Company.
Attend Post-Purchase Homeownership workshop
or counseling with EPAH Staff.
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Be income eligible: gross annual HOUSEHOLD income cannot exceed 120% of the area median household income as defined by HUD (Schedules A).
Must be a legal U.S. resident
Obtain a private non-subprime mortgage loan from a preferred participating lender
Contribute a minimum down payment of $1,000 from borrower funds or 3% of the Purchase Price, whichever is greater.
Not have any ownership interest in any residential property or outstanding home mortgage obligations
Purchase a home offered for sale by the EPAH NSP2 program
To avoid repayment of assistance, borrower must own and reside in the home for either 5, 10, or 15 years depending on assistance amount. (See Schedule B)
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Family
Size
1 2 3 4 5 6 7 8
50% $17,700 $20,200 $22,750 $25,250 $27,300 $29,300 $31,350 $33,350
120% $42,400 $48,500 $54,550 $60,600 $65,450 $70,300 $75,150 $80,000
Schedule A
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Homeownership
Assistance Amount
Minimum Period of
Affordability
Under $15,000 5 Years
$15,000 to $40,000 10 Years
Above $40,000 15 Years
New Construction 20 Years
Schedule B
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Example
El Paso Affordable Housing NSP2 Assistance
Home Purchase Price $110,999
Down payment Required = 3% = $3,330
($3,330)
Estimated Buyer Closing Costs $4,400
Estimated Buyer Closing Cost paid by Seller ($0)
Funding Required $112,069
NSP2 Purchase Assistance (Maximum $26,500) ($26,500)
Loan Amount Needed $85,569
Estimated Mortgage Payment
Fixed 30 yr. term @ 5% Est. Loan Pmt.------------------$459
Est. Taxes-----------------$263
Est. Hazard ins.-----------$41
$763
Gross Mo. Income @31%
$2,462
11/10/2014 13
Example 2
EPAH NSP2 & City of El Paso Home Grant
Home Purchase Price $110,000
Down payment Required = 3% = $3,300 ($3,300)
Estimated Buyer Closing Costs $4,400
Estimated Buyer Closing Costs paid by Seller ($1,100)
City of El Paso Purchase Assistance (Maximum $35,000)
($35,000)
City of El Paso Closing Cost Grant (Maximum $5,000)
($3,300)
Loan Amount Qualified for Borrower $70,700
NSP2 EPAH Down Payment Assistance ($1,000)
Estimated Mortgage Payment
Fixed 30 yr. term @ 5% Loan Pmt------------------$380
Est. Taxes-----------------$261
Est. Hazard ins.-----------$41
$682
Gross Mo. Income @ 31%
$2,200
Example
EPAH NSP2 & GECU non-conforming program
Home Purchase Price $110,999
Down payment Required by GECU = 5% = $5,500
($5,550)
Estimated Buyer Closing Costs $4,400
Estimated Buyer Settlement Costs $9,950
Funding Required $105,450
NSP2 Purchase Assistance (Maximum $26,500) ($26,500)
Loan Amount Needed $78,950
Estimated Mortgage Payment
Fixed 30 yr. term @ 5% Est. Loan Pmt.------------------$424
Est. Taxes-----------------$263
Est. Hazard ins.-----------$41
$728
Gross Mo. Income @31%
$2,349
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It is the policy of El Paso Affordable Housing, to comply
with section 3 of the Housing and Urban Development
act of 1968 to ensure that employment and other
economic opportunities generated by certain HUD
financial assistance shall, to the greatest extend feasible,
and consisting, with existing Federal, State, and Local
laws and regulations, be directed to low and very-low
income individuals, especially recipients of government
assistance for housing, and to business concerns which
provide economic opportunities to low and very-low
moderate income individuals.
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NSP 2 Redevelopment
Project
2013
37 Lots Acquired
For Single Family
Residences 11/10/2014 17
Hurshel Antwine Elementary 3830 Rich Beem Boulevard, El Paso, TX
Rafael Hernando III Middle School
3451 Rich Beem Boulevard, El Paso, TX
El Dorado High School
12401 Edgemere Boulevard, El Paso, TX
0.2 mi SW
1.1 mi SW
0.7 mi SW
Toledo 1198
Front Elevation
3
Floor Plan
3
3
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Available Lots in Yellow
Montana Vista Elementary School El Paso, TX
Rafael Hernando III Middle School
3451 Rich Beem Boulevard, El Paso, TX
Mountain View High School
El Paso, TX
0.7 mi W
0.7 mi W
1.3 mi W
Cuenca 1224
Front Elevation
Floor Plan
14188 Rainer Point Dr 46.00’
Rainer Point Dr
Ivo
ry P
oin
t Pl
Silver Point Ave
Rattler Point Dr
Es
ca
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t S
t
Fo
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Dr
Dam
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t p
l 14190
14189 14191 14193 14195 14197
2437
2433
2429
2425
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2417
2413
2409
2441
2437
2433
49.00’
50.06’ 46.00
51.3
6
110.0
0’
110.0
0’ 51.5
2’
45.0
0’
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0’
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0’
66.5
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0’
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60.6
5’
90.20’
110.00’
110.00’
110.00’
110.00’
110.00’
110.00’
110.00’
110.00’
49.72’
30.53’ 45.00’ 45.00’ 45.00’ 45.00’
45.00’ 45.00’ 45.00’ 45.00’
104.0
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83.8
1’
2429
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2389
46.0
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31.3
6’
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85.00’
105.00’
105.00’
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2440
2436
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2412
2708
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2400
2396
2392
2388
2441
2437
2433
2429
2440
2436
2432
2428
2416
31.3
6’ 105.00’
124.00’
124.00’
124.00’
101.46’
49.0
0’
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6’
105.00’
124.00’
124.00’
124.00’
101.46’
49.0
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91.5
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32.58’
102.53’
70.5
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115.82’
11/10/2014 19
Available Lots in Yellow
Homedale Dr
199
57.57”
191 183 175 167 159 151 145 139 131 123
115
108
114 122 130
138 144 150
158 166 174 182 190 198
50.03” 50.03” 50.03” 50.03” 50.03” 50.03” 50.03” 50.03”
50.03” 50.03” 50.03” 50.03” 50.03” 50.03” 50.03”
50.03” 57.57”
50.00” 50.00” 50.00” 50.00” 50.00” 48.96” 50.00”
50.00” 50.00” 50.00” 50.00” 50.00” 48.95” 50.25” 66.99”
25.29”
52.25” 64.72” 141.05”
53.73”
51.20” 70.46” 131.27”
134.0
3”
138.2
9”
136.4
8”
134.6
8”
132.8
7”
131.0
7”
129.2
7”
127.4
6”
120.1
9” 1
14.8
7”
115.5
2”
130.0
2”
127.4
7”
129.2
7”
131.0
8”
132.8
8”
134.6
9”
136.4
9”
138.3
0”
140.1
0”
134.1
2”
Desert Hills Elementary School Horizon City, TX
Horizon Middle School
Horizon City, TX
Horizon High School Horizon City, TX
El Paso County Community College
10700 Gateway Boulevard East, El Paso, TX
2 mi NE
3 Mi E
2 mi NE
Vitoria 847
Front Elevation
Floor Plan
3.4 mi W
1.Take the ramp on the left onto I-10 E
2.Take the exit toward TX-1281/Horizon City/Socorro
3.Merge onto Gateway Blvd E
4.Turn left onto Farm-To-Market Rd 1281 E/Horizon Blvd
5.Turn right onto Ellsworth Dr
6.Slight left onto Cameldale Dr
7.Take the 2nd left onto Homedale Dr 11/10/2014 20
Available Lots in Yellow
El Paso Affordable Housing CUSO, 6801 Viscount Blvd El Paso, TX 79925 Phone: (915) 838-9608 Fax: (915) 838-8085
FLOOR PLAN
Sq. Ft. : 1224 Sq. Meters :
113.713
Bedrooms: 3 Badrooms: 2
Garage: 2 Levels: One
Story
11/10/2014 21
$120,999
1198-Toledo
El Paso Affordable Housing CUSO, 6801 Viscount Blvd El Paso, TX 79925 Phone: (915) 838-9608 Fax: (915) 838-8085
FLOOR PLAN
Sq. Ft. : 1198 Sq. Meters :
111.297
Bedrooms: 3 Badrooms: 2
Garage: 2 Levels: One
Story 11/10/2014 22
$113,999
El Paso Affordable Housing CUSO, 6801 Viscount Blvd El Paso, TX 79925 Phone: (915) 838-9608 Fax: (915) 838-8085
FLOOR PLAN
Sq. Ft. : 1154 Sq. Meters :
107.210
Bedrooms: 3 Badrooms: 2
Garage: 2 Levels: One
Story 11/10/2014 23
$110,999
El Paso Affordable Housing CUSO, 6801 Viscount Blvd El Paso, TX 79925 Phone: (915) 838-9608 Fax: (915) 838-8085
FLOOR PLAN
Sq. Ft. : 1162 Sq. Meters :
107.953
Bedrooms: 3 Badrooms: 2
Garage: 2 Levels: One
Story 11/10/2014 24
$114,999