$ 45,000,000 Available through Innovative First Time Homebuyer Program in Texas

AUSTIN, TX - (TDHCA) - The Texas Department of Housing and Community Affairs (TDHCA) this week released 45 million U.S. dollars in mortgage credit certificate authority by his Texas mortgage program, an innovative home buyer program that makes home ownership affordable by a dollar forU.S. dollars reduction of a borrower's tax liability, not to exceed $ 2,000 annually.The credit authority is the Department of tax credits to about 150 million U.S. dollars worth of mortgages, which it estimates will help to provide some 1,000 eligible households purchase a home again they complete a certified homebuyer education class.

According to Michael Gerber, TDHCA, the program will help the state respond to a remarkably robust demand for affordable home buyer products.

"Despite all the negative we hear from other states, is the fact that the Texas economy - and demand for home ownership - both remain quite healthy," said Gerber. "Many families want to take and are willing to exciting step towards home ownership, and TDHCA intends to help them realize their dreams through safe, reliable home buyer loan products offered by the state, coupled with responsible home buyer education."

Gerber also noted that the Texas mortgage program will help new and modified jobs to generate a flow of wages and salaries in the local economy and the local tax base. "This is a significant and very attractive opportunity, we hope that no eligible Texan goes up."

"We have worked with them since 2004, TDHCA, affordable and sustainable ways to promote home ownership in Texas," said Dwight Hale, Chairman of the Board of Directors, Texas Association of Realtors. "TDHCA's MCC program that provides a viable way for Texans, which we fully support."

The program is aimed at individuals and families purchase their first home or have no home in the last three years of ownership. Credits are in conjunction with FHA, VA, USDA, or conventionalmortgage loans through a nationwide network of participating banks and mortgage companies that participate in these initiatives with TDHCA.

Home Buyers receive up to 115 percent of the area median family income may have been paid 30 percent annual interest on their mortgage loans up to a maximum of $ 2,000 per year deducted. $ 2,000 will be deducted from the borrower's annual tax liability, and the benefit lasts the entire life of the loan themortgage.

For residents living in specific targeted areas of the state, such as those impacted by natural disaster, households may earn up to 140 percent of the median family income and still be eligible to participate, and the first time homebuyer requirement is waived.

The first time homebuyer status requirement is also waived for qualifying veterans of the nation’s armed forces. However, veterans must have received an honorable discharge as evidenced by form DD-214 to be eligible to participate in this homebuyer program. All other program requirements must still be met.

“The Texas Mortgage Credit Program is another helpful yet responsible tool that TDHCA can offer to qualifying Texas families who are prepared to be homeowners,” Gerber said. “This is a terrific program, and we are excited to make it available to our fellow Texans. If you are ready to take that step toward homeownership, the state is ready to help you.”

As Texas’ lead agency for promoting homeownership, TDHCA helps transform the lives of the individuals who participate in its programs. TDHCA’s homebuyer programs each year help thousands of low to moderate income Texans achieve their homeownership goals, while educating them about the risks and responsibilities that accompany those rewards.

To further this aspect of TDHCA’s mission, the Department also sponsors the Texas Statewide Homebuyer Education Program (TSHEP), a statewide program designed to provide information and counseling to prospective homebuyers about the home buying process from both a pre- and post-purchase perspective. Classes are offered by local governments and nonprofit organizations collectively serving all 254 Texas counties. Participants in the Texas Mortgage Credit Program must successfully complete a class to receive the credit.

For more information on the Texas Mortgage Credit Program, how to qualify for a credit, or to locate the nearest participating lender or homebuyer education provider, please call TDHCA’s Texas Homeownership Division at (800) 792-1119 or visit the program’s website at www.myfirsttexashome.com.

About The Texas Department of Housing and Community Affairs
The Texas Department of Housing and Community Affairs is the state agency responsible for affordable housing, community and energy assistance programs, and colonia activities. The Department currently administers $3 billion through for-profit, nonprofit, and local government partnerships to deliver local housing and community-based opportunities and assistance to Texans in need.