First-Time Homebuyer Program Guidelines

 Eligible First-Time Homebuyers

Eligible "First-Time Homebuyers" must be a U.S. Citizen or Legal Alien with permanent residential status (in the U.S), who has not owned a home during the past three-year period. Additionally, eligible program participants must also meet income requirements; the selected home for purchase must meet a maximum home appraised value and also meet property standards; other HOME Program criteria also applies as explained throughout this program description.

 Income Qualification:

The FTHB program is open to LMI individuals and moderates only. LMI is defined as having an income less than 80% of the median income for Jefferson Parish. For the FTHB Program, clients must fall within the minimum income limits of not less than 51% to 80%. JPDCD has moved to also use Moderate limits to attract buyers with an income limit of 81% to 120%. The below chart represents the household income limits for 2022. A homeowner cannot use their child or children's income as a qualifying income. They must demonstrate sustainability with their own income.

AREA MEDIAN INCOME

New Orleans-Metairie-Kenner, LA MSA Median Family Income
PROGRAM LIMIT APPLICABLE

2022 INCOME LIMITS – MEDIAN INCOME OF $82,800

1 Person

2 Persons

3 Persons

4 Persons

5 Persons

6 Persons

7 Persons

8 Persons

   

(51%

To

80 %

Median)

   

27,451 –
  43,900

31,401 –
  50,200

35,301 –
   56,450

39,201 –
  62,700

42,351 –
  67,750

45,501 –
  72,750

48,651 –
  77,750

51,751 –
  82,800

 

HUD INCOME CATEGORIES

CATERGORY INCOME RANGE

Extremely Low Income

< 30% of AMI

Very Low Income

31% - 50% of AMI

Low Income

51% - 80% of AMI

Moderate Income

81% - 120% of AMI

 

 Eligible Property:

→HOMES MUST BE TURN KEY READY←

Only owner-occupied or vacant single-family properties (no tenant occupied properties) are eligible for participation and the property must be located in Jefferson Parish (including the City of Kenner). The property may include the following types of residential property:

  • A single family structure

  • A condominium unit

  • A manufactured home (on land to be owned by applicant)

NO TENANT DISPLACEMENTS OR RELOCATIONS ALLOWED

No tenant displacements or relocations are allowed in the program, as tenant occupied properties are not eligible for participation and will thus eliminate any potential involuntary displacement or relocation of occupied houses. The only exception to this requirement is where the tenant is purchasing the rental home they currently occupy (where the homebuyer and the tenant are one and the same). No other occupancy variations will be allowed in the program.

AFFORDABILITY PERIOD

The FTHB requires the Buyer(s) to meet all the requirements contained within these guidelines for a period of time that is not less than the appropriate period specified within the following table as determined by the level of HUD HOME assistance received: 

SIZE OF LOAN MINIMUM AFFORDABILITY PERIOD

Under $15,000

5 Years

$15,000 to $40,000

10 Years

Over $40,000

15 Years

NO ASSURANCE OR GUARANTEE OF FUNDING

Home Program funding is not assured and no guarantee is implied that funding will be provided for the purchase of property until all program requirements are fully met by both the applicant and the applicant's mortgage lender. Additionally, all program eligibility information and individual circumstances are subject to full verification, confirmation and documentation to the complete satisfaction of Jefferson Parish Department of Community Development, before any funds are released.

EVENTS OF DEFAULT DURING THE AFFORDABILITY PERIOD

The entire amount of the original HOME Program Assistance may become immediately due and payable should any of the following events of default take place during the Affordability Period:

  • Withholding information for the purpose of fraudulently participating in the program
  • Not maintaining the home as a single residence

  • Not maintaining the home as a principal residence of the purchaser(s)

  • Leasing or renting any part of home

  • Using any part of the home for commercial use

  • Not maintaining the home in an acceptable condition to pass a property inspected by Community Development and must meet the Uniform Physical Condition Standards (UPCS) as set forth by HUD, or not remedying housing code violations

  • Not maintaining required insurance coverage for homeowners and flood insurance in order to guard against a loss

  • Intentionally harming or damaging the home

  • Not disclosing financial transactions that increase the indebtedness of the home through unauthorized refinancing

You fully understand that it is a federal crime punishable by fine or imprisonment, or both, to knowingly make any false statements concerning any of the above information as is applicable under the provision of Title 18, United States Code, Section 1014.

In the event that a condition of default does take place, the Jefferson Parish Department of Community Development will pursue all legal remedies available to ensure that the HOME Program Assistance is recovered as required by the HOME Program.

ADDITIONAL INFORMATION

Additional information about the Jefferson Parish First-Time Homebuyer Assistance Program is available on the Parish's Internet site at www.jeffparish.net or by contacting the Jefferson Parish Community Development, 1221 Elmwood Park Boulevard, Suite 605, Jefferson, Louisiana 70123; Phone: (504) 736-6262.

PROGRAM AMENDMENTS

This program description may be amended by the Department of Community Development at any time in order to achieve full compliance with the requirements of the HOME Investment Partnership Program and to prioritize applications within funding limitations.

You fully understand that it is a federal crime punishable by fine or imprisonment, or both, to knowingly make any false statements concerning any of the above information as is applicable under the provision of Title 18, United States Code, Section 1014.

 

Revised 8/2022