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--- Issued January 25, 2007

In order to assist Housing Authority residents to become first-time homeowners, the Housing Authority of the City of Erie (HACE) will provide up to $2,000 in matching funds, per perspective homebuyer, to be used toward down payment/closing cost assistance. The board of the Housing Authority at their January 22nd meeting approved this new program.
This assistance is offered in the spirit of the Authority’s Mission Statement, which is to provide safe, decent, and affordable housing for lower-income families, elderly and persons with disabilities; and to foster among the residents we serve economic self-sufficiency, and a sense of community and pride in the neighborhoods where they reside.

To be eligible, those seeking this assistance must meet the following criteria:

1. The family shall be a first-time homebuyer.

2. The family shall be in good standing with HACE (i.e., no unpaid rent and/or charges).

3. The property to be purchased must be located within the corporate city limits of the City of Erie.

4. The property to be purchased must either be new construction and meet all applicable City of Erie building codes and ordinances; or, if an older house, shall meet Section 8 Housing Quality Standards.

5. Family must complete the Saint Martin Center Homeownership Counseling, or comparable program, prior to the purchase of the home.

6. Family must provide evidence to HACE of the pre-qualification determination by a HACE-approved mortgage lender.

7. Draft closing statement must be submitted to HACE prior to scheduled closing date. Payment of the down payment assistance shall be made at time of closing.

8. Family must agree to sign a soft second mortgage to repay the down payment assistance, on a pro-rata (20% forgiveness each year) basis, if the property is sold within five years.

For additional information about the Authority’s newest homeownership initiative, contact John Horan, Executive Director at 814-452-2425.