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Affordable Housing Programs

Single Family Housing
Workforce Housing at The Trails

Single Family Housing-Affordable Lots/Homes

Location: HRA builds on home sites throughout the City of Alexandria. Currently the HRA is building specifically in the Trail Development. The Trails Development is located on County Road 22 approximately 1.6 miles northeast from the center of downtown Alexandria. Surrounded by other housing developments, The Trails borders the Central Lakes Recreational Trail which has been paved since 2002.

Description: The Alexandria HRA contracts for the construction of new single-family homes within the building enforcement area of the City of Alexandria. These homes are built by licensed contractors and are inspected by certified building inspector officials from the City of Alexandria which issues a certificate of occupancy upon completion. Typically the homes offer 1,000 - 1,300 square feet of finished living space, to include one bathroom and two or three bedrooms. One level of the home is completely finished and the remaining level is left unfinished for future expansion. Typically the purchase price of the home ranges $ 155,000-$ 170,000.

Details: When a home is at or near completion and available for purchase, preference will be given to buyers according to income as follows:

Days Available | Income Threshold | Maximum Income
1-60 | Up to 80% of state median | $58,400
61-90 | Up to 100 % of state median | $72,900
91-120 | Up to 115 % of state median | $83,850

If any home has not sold within 120 days of completion the HRA reserves the right to sell that home to any interested buyer regardless of income.

These properties may be sold directly by the Alexandria HRA or by listing them with a Brokerage Service and placed on the Mulitple Listing Service.

Additional Financing:

The HRA offers GAP financing to help in purchasing a home. This is a deferred 30 year loan. The maximum loan amount is $15,000 per household. There is no interest associated with this loan. At the time of loan payoff the borrower is only required to pay the original amount of the funds back to the HRA in one lump sum. In order to access these funds buyers maximum income cannot be greater than 80% of the state median income. This maximum income amount is $ 58,400.00. The amount of GAP money recieved will be based on the first mortgage product as well as income.

There is also funds available at the Trails Development from the City of Alexandria called "CHAP" funds. These funds are in the amount of $ 7,500.00. These funds are also income based and like HRA GAP financing do not require a monthly payment and the loan does not incur interest. The loan can be forgiven if the homeowner lives in the home for 12 years. Please speak with Erin at the Alexandria HRA for more details regarding this loan option.

Application Procedure: For more information on this program contact Erin Bolland at 320-762-1311.

EXAMPLE:
Purchase Price= $155,000
Gap Financing=$ (15,000)
CHAP Financing=$ (7,500)
First Mortgage= $132,500

 

Single Family Housing-Market Rate Lots/Homes

Location: The Trails Development, as described above.

Description: The HRA contracts for the construction of a new home within the building enforcement area of the City of Alexandria. These homes are built by licensed contractors and are inspected by certified building inspector officials from the City of Alexandria, which issues a certificate of occupancy upon completion. Typicall the homes offer 1,300-1,450 square feet of finished living space, to include one bathroom and three bedrooms. One level of the home is completely finished and the remaining level is left unfinished for future expansion.

Price Range: Single-family homes range from $170,000 to $190,000

Eligibility and Financial Assistance: Concurrent with regular mortgage financing guidelines. Buyers might also qualify to receive the following:

$ 7,500 Through the City Of Alexandria-CHAP Funds

EXAMPLE:
Price of the Home = $170,000
CHAP Funds = 7,500
First Mortgage $162,500.00

Homeowner contribution to the down payment is considered while determining the amount of financing for which each prospective buyer can qualify and is part of the pre-qualification process for a mortgage loan.

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