Millions of Funding Available for First-Time Homebuyers

Austin, TX: With interest rates at an all-time low, now's the time for Austinites to invest in a home. The City of Austin and the Austin Housing Finance Corporation are making it even easier by offering millions in Mortgage Credit Certificates (tax credits) for eligible first-time homebuyers.

A Mortgage Credit Certificate is a direct tax credit that reduces the federal income taxes of qualified buyers who are purchasing a home. These tax savings equal to 25 percent of the annual interest paid on a mortgage loan. In other words, the tax credits can result in as much as $2000 in annual savings for a family.

Benefits of the Mortgage Credit Certificate program include: Qualified homebuyers have up to $2000 per year as added expendable cash; the tax credits are a direct reduction of taxed to be paid; a reduction in taxes is taken into consideration when qualifying for a mortgage loan; and the tax credit is available to you every year as long as you own your home and make a mortgage payment.

For those that are ready to take the next step toward homeownership or are seeking additional information, the AHFC is hosting a series of workshops open free to the public. The schedule of workshops are listed below:

May 8, 2003: ACC Pinnacle Campus, Room 1013
7748 Hwy. 290 West--(6-8 p.m.)

May 21, 2003: Northwest Recreation Center
2913 Northland Dr.--(6 - 8 p.m.)

May 24, 2003: North Village Library Branch
2139 W. Anderson Ln.--(10 a.m. - 12 p.m.)

May 27, 2003: Akins High School, Eagle's Nest Room
10701 South 1st--(6-8 p.m.)

The program is now open to all mortgage lenders who are interested in participating in the program and who meet requirements as outlined by the AHFC. For additional information, please contact the AHFC Community Lending Office at (512) 476-3863.

The Austin Housing Finance Corporation was created in 1979 and assists Austin citizens with first-time homebuyer and home repair programs. The AHFC's primary mission is to generate and implement strategic housing finance solutions to benefit low-and moderate-income residents of the City of Austin.

The City of Austin is committed to compliance with the Americans with Disabilities Act (ADA) and Section 504 of the Rehabilitation Act of 1973, as amended. Reasonable modifications and equal access to communications will be provided upon request. Please call 974-3100 (voice) or 974-3102 (TDD) for assistance. This project is made possible by funding from HUD through the City of Austin.

CONTACT: Brenda Ham, 974-3175(voice) or 802-7105 (pager)