THA’s Homeownership Program targets qualifying first-time homebuyers. Qualifying families will be required to obtain their own standalone mortgage from a 3rd party lending institution of their choice.THA’s Homeownership Application
Potential candidates must meet the following THA established criteria:
In addition, 3rd party lenders will likely require the following:
Homes are typically constructed with the following characteristics:
Homes are typically financed as follows:
Sales Price – $99,500
Down Payment (Purchaser) – $1,000
1st Mortgage (Purchaser) – Varies
2nd Mortgage (Forgiven by City – Prorated over 15 years) – Dependent Upon Allocation
3rd Mortgage (Forgiven by THA – Prorated over 5 years) – Dependent Upon Available Funds
Homes are typically sold for $99,500. The purchaser is required to secure a 1st mortgage from a lending institution of their choice in addition to their $1,000 down payment. Any city funds will be used for a 2nd mortgage. The 2nd mortgage is typically forgiven over a 15 year prorated period. THA typically holds a 3rd mortgage which is forgiven on a similar prorated basis over a 5 year period.
The City of Tuscaloosa recently donated a 20-acre parcel of land to THA for the purpose of developing additional homeownership units for qualified first-time home buyers. The property is located on 29th Street in West Tuscaloosa and will include a total of 56 lots.
THA will build five homes in the initial Phase I which is scheduled to begin in the fall of 2016. The first phase will be developed using city HOME funds and THA Program Income. Future phases will be developed based on funding availability.
Scattered Sites (2014/2015)
THA’s 2014 Homeownership Program included the development of nine (9) homes in the West Tuscaloosa area on various sites. The five homes of Phase One were completed and sold in June of 2014. The four remaining homes (Phase Two) were completed in early 2015. The 2014 Program was developed using city HOME funds and THA Program Income.
Bernice Hudson Washington Estates (2012)
The nine (9) homes of Bernice Hudson Washington Estates were developed in 2012. Bernice Hudson Washington Estates was developed using city HOME funds and THA Program Income.
Cordell Heights (2010)
The eight (8) homes of Cordell Heights were developed in 2010 as the final Phase of the McKenzie HOPE VI development. Cordell Heights was developed using HOPE VI funds.