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Up to $50,000 in interest-free gap financing available to qualified homebuyers

Mayor-President Melvin L. “Kip” Holden’s Office of Community Development (OCD) is offering interest-free loans of up to $50,000 that can be used to purchase homes through its Homebuyer Assistance Program.

Prospective homebuyers can receive up to $25,000 in assistance for existing homes and up to $50,000 for new construction in designated areas in East Baton Rouge Parish. For homes outside the specially designated areas, the program offers interest-free gap financing of up to $23,000 on new construction.

No monthly payments are required on the interest-free loans as long as the buyer resides in the home, so those costs would not factor into the monthly mortgage payments that would be required to finance the remainder of the purchase price.

The interest-free loans can be used as a down payment or closing costs and don’t have to be repaid until the sale or transfer of the property. However, borrowers who take advantage of the program may choose to repay the loan while they are still residing in the homes.

The zero-percent interest loans are funded by the U. S. Department of Housing and Urban Development, and are available to people who might not otherwise qualify for the mortgages necessary to purchase the homes.

The interest-free loans are available for any property in East Baton Rouge Parish, with the exception of the incorporated areas of Baker, Central and Zachary.

Participating homebuyers must not have owned a home in the last three years, or they may qualify as a displaced homemaker or single parent. They also must meet certain income limits. For example, a two-person household can earn a maximum of $42,500 per year to qualify. A household of four can earn a maximum of $53,100 annually.

Those who take advantage of the Homebuyer Assistance Program must complete a special course, offered through the Mid City Redevelopment Alliance, designed to educate them about the homeownership.

An example of a specially designated area where the Homebuyer Assistance Program offers the maximum incentive on newly constructed homes is the Copper Oaks Subdivision off Mickens Road. Copper Oaks is partnering with OCD to offer up to $50,000 in gap financing for qualified buyers through the Homebuyers Assistance Program.

For additional information about the Homebuyers Assistance Program, contact the OCD’s First-time Homebuyer’s Office at (225) 389-3039, ext. 127.

For more information about the housing options available in the Copper Oaks Subdivision, go to http://copperoaksbr.com/