Guidelines: The following guidelines apply.

1. Maximum Down Payment Subsidy: Up to 20% of the total project cost not to exceed $17,000 (gap financing, only as needed for affordable housing). The purchase price cannot exceed $117,000 for an existing home. Assets in excess of $5000 may be required to be applied to closing costs and the downpayment.
2. Required Buyer Down Payment: Homebuyers must contribute at least 2% of the purchase price as a minimum. This can be accounted for in closing costs and verified by a completed HUD 1 form.
3. Other Property Requirements: The following requirements apply.

• The home cannot be located in a 100 year flood zone.
• The home must be located in an area zoned as "residential" or "agricultural". If located within the County, the acreage on which the home is located must meet zoning regulations and be a maximum of 3 acres.
• The home must pass a Housing Quality Standards (HQS) inspection prior to closing.
• If the home was built before 1978, the home must pass a Lead Hazard Screen.
• The home must be the "primary residence" of the new owner(s).

  4. Applicant Income Qualifications: The household's gross annual income cannot exceed 100% of the Area       Median Income and Household Size for Thayer County.

     1 Person      2 Person      3 Person      4 Person      5 Person      6 Person      7 Person      8+ Person
     -------------------------------------------------------------------------------------------------------
     $38,000      $43,400       $48,800       $54,200       $58,600       $62,900       $67,300      $71,600

1. Homeownership Education: Applicants must attend and complete a Homebuyers' Education Class prior to the loan closing.
2. Security: Buyers will execute a Promissory Note in the amount of the down payment subsidy which will be a "soft" second mortgage with no direct repayment as a "Conditional Deferred Loan". For any rehabilitation funds used in the project, a second Promissory Note will be required identifying a "Conditional Grant". TCEDA will file a Deed of Trust against the property as security for the Promissory Note(s). Security documents will be executed at loan closing and filed at the Thayer County Register of Deeds.

• The obligations of the “Conditional Deferred Loan” will hold for the entire ownership of the property. Obligations under the note are as follows: If the buyer moves, rents, sells, transfers the title or abandons the home purchased through this program, repayment of the subsidy amount in full will be required at 0% interest.
• Any "Conditional Grant" for rehabilitation activities will have a decreasing balance and will be forgiven after 5 years.
  

1. Complete a HOP application.
2. Provide a copy of your latest federal tax return (all forms) for all household members that are required to file a return.
3. Provide a copy of your current wage statements
4. Return the completed application and requested documents to the contact listed below.

More Information: For more information, or to submit an application, please contact:

Arlis Hohl, Director
Thayer County Economic Development Alliance
225 North 4th Street
Hebron, Nebraska 68370
Phone/Fax: 402-768-7407
E-mail: tceda@diodecom.net

Thayer County Economic Development Alliance is an equal opportunity housing organization working to provide assistance for homebuyers.

We congratulate and encourage homebuyers on their efforts to purchase homes and build equity for the future.