People who meet the income requirements can apply to purchase one of twelve newly constructed homes in a southeast Austin subdivision. The three-bedroom/two-bathroom homes were built with federal money and offer these features:
- $110,000 price (homes are valued at $120,000)
- Zero percent interest
- No money down
- 10-year home warranty
- High energy efficiency
The income requirements are calculated as a multiple of federal poverty guidelines. A single individual making $25,850 would qualify for the zero percent interest program. A family of six with combined income of $42,850 would also qualify. People who make more than that could possibly apply for down payment assistance.
The new homes, announced today, have already attracted a lot of attention. "The phones have literally been ringing off the hook," City of Austin spokesperson Jill Goodman told KUT News.