This program, available to those in the city of Kenner and created by the city’s Department of Community Development, offers forgivable loans to families with median, moderate, or low income. As much as $50,000 is offered to help applicants pay for the down payment, closing costs, or the principal reduction of their mortgage. This loan is forgivable, but has an occupancy requirement where the applicants has to use the house as their primary residence for a specified amount of time. The time requirement depends on the amount of assistance received. If the applicant receives less than $15,000, the requirement is 5 years. If they receive between $15,000 and $40,000, the requirement is 10 years. If they receive more than $40,000, the requirement is 15 years.
The amount of assistance offered depends on multiple factors, including financial need, property selling price, and assets. In the event that the property is no longer used as a primary residence within the time requirement (such as if it is sold, vacated, abandoned, or used as an investment property), the loan will need to be repaid.
There are several requirements for properties purchased using this program. Properties must be in Kenner, be owner-occupied and the primary residence of the borrower, be single-unit properties, pass inspections, and cannot exceed a purchase price of $180,000.
Only first-time homebuyers are allowed to participate in this program. Further, applicants cannot have been disqualified from this program within the last three years, must be a US citizen or legal alien, and must fall within the accepted income limits.
Other programs in Louisiana:
- Expand to Homeownership
- Home Buyers Assistance Program Participation Initiative (HAPPI)
- Southern Mortgage Assistance Program
- Market Rate GNMA Program
- LHC Preferred Conventional Program