Homeowners Out Of Tenants

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Independence, Inc.
Independent Living Resource Center
Serving People with Disabilities Since 1978

HOOT HOMEOWNERS OUT OF TENANTS

FIRST TIME HOMEOWNERS PURCHASE AND REHAB PROGRAM

WHAT IS HOOT?

HOOT is a program in which local lending institutions in Lawrence cooperate with the City of Lawrence to help low-to-moderate income persons become homeowners within the city.

WHAT IS THE PURPOSE OF HOOT?

to provide an opportunity for low-to-moderate income families who are not served by existing lending programs to purchase their own homes

to upgrade substandard housing

to provide an opportunity for lenders to reinvest in older neighborhoods and reach low-income buyers
to provide a way to efficiently use public and private resources to address the need for affordable housing
to coordinate the resources of lenders, the city, the neighborhoods, and housing nonprofit groups
to encourage neighborhood stability
to extend and increase the tax base

WHO MAKES THE HOOT PROGRAM POSSIBLE?

Members of the Lending Committee:

Capitol Federal Savings and Loan
Douglas County Bank
First Savings Bank
The University National Bank
GE Capital Mortgage Corporation
Housing and Credit Counseling, Inc.
City of Lawrence - Department of Housing and Neighborhood Development

WHO SPONSORS THE HOOT PROGRAM?

Tenants To Homeowners, Inc., a non-profit Community Housing Development Organization whose mission is to facilitate the sale of affordable renovated, rehabilitated, and new housing to low and moderate income residents who do not qualify for traditional home loans, and to facilitate empowerment of tenants to homeowners through education, consultation, home improvement and creative financing.

www.tenants-to-homeowners.org

WHAT ARE THE HOOT LOAN FEATURES?

HOOT is available throughout the city limits of Lawrence
Property is to be single-family, duplex or duplex townhome
Homes requiring rehabilitation may be eligible
Down payment and closing cost assistance is available

1999 MAXIMUM INCOME GUIDELINES

Family Size 80% of Median

$27,150
$31,000
$34,850
$38,700
$41,800
$44,900
$48,000
over $51,100

Maximum Cash in Accounts of Participants

Persons less than 62 years old

$5,000 plus $2,500 for each additional family member (spouse/child).

Persons over 62 years

maximum of $12,500

PARTICIPANTS MUST BE FIRST-TIME HOME BUYERS

Home buyers will not already own any improved real estate property.
Home buyers will not have owned a home in the past three years unless they are a displaced homemaker or single parent. Owning a mobile home is not considered home ownership.

MINIMUM CASH REQUIREMENTS OF PARTICIPANTS

5% of buyer's combined incomes but no less than $500. A gift from any disinterested third party is acceptable for cash requirements exceeding $500.

HOMEOWNERSHIP TRAINING

All participants must complete a free first-time homeowners class. Classes held in Lawrence every second Saturday.

For class detaiIs call:

Tenants To Homeowners, Inc.

(785) 842-5494

tth@tenants-to-homeowners.org

(EQUAL HOUSING OPPORTUNITY)

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