For Sale

September 19, 2013

Neighborhood Revitalization Program

Through the Neighborhood Revitalization Program (NRP), we purchase run-down or dilapidated properties in Sioux Falls.

Although some of these properties are then rehabbed, more often they are torn down and new houses are constructed which are then sold to households who make less than 80% of the median income.   

Through the Neighborhood Revitalization Program we plan to build and sell 15 homes in 2018.

Four steps to home ownership:

Up to $25,000 in Down Payment Assistance is available on most of our homes for qualified buyers. This will be Gap financing (difference between selling price and maximum qualified 1st mortgage).

For purposes of ensuring feasible financing opportunities for homeowners, SDHDA will adhere to the following requirements. The requirements must be met for SDHDA financing and all other mortgage financing provided to the homeowner;  variance  of  any  item  must  receive  prior approval from SDHDA.

  1. No interest only loans, no balloon payment loans, no reverse mortgages.
  2. Interest rates cannot be greater than two percent (2%) above SDHDA’s first-time homebuyer rate - http://www.sdhda.org/sdhda-main-website/homebuyer- homeowner/first-time-homebuyer/current-interest-rates. If it is an adjustable rate mortgage, the rate cannot increase more than two percent (2%) over the life of the loan.
  3. Origination fees, points and other lender fees cannot exceed $3,000.   SDHDA  may reject fees and closing costs that are not reasonable.
  4. Total financing cannot exceed appraised value.
  5. Homebuyer must have a minimum credit score of 620.
  6. The total of the homebuyer’s monthly mortgage payments (principal, interest, taxes and insurance) may not exceed 31% of their gross effective monthly income.
  7. The homebuyer’s total monthly fixed payments may not exceed 43% of gross effective monthly income.
  8. Homebuyer must have a minimum savings or cash reserves of 2 months of  principal, interest, taxes and insurance.
  9. Homebuyer must have a minimum $500 cash investment.
  10. Homebuyer must document their attendance at Homebuyer Education presented by a HERO organization.  See http://sdhomebuyered.org/ for a list of HERO organizations.
  11. First mortgage lender, or second mortgage lender if HOME is first, is required to escrow for taxes and insurance.

Homes for sale

Click on the address for more information

Click on the PLAN for more information

ADDRESS                          PLAN            PRICE           DOWN PAYMENT ASSISTANCE

426 West 7th Street             PLAN         $177,500           $152,500 after up to $25,000 in down payment assistance

430 West 7th Street             PLAN         $177,500           $152,500 after up to $25,000 in down payment assistance

1100 East 3rd Street            PLAN         $177,500          $152,500 after up to $25,000 in down payment assistance       

1104 East 3rd Street            PLAN         $168,500          $143,500 after up to $25,000 in down payment assistance

514 North Indiana Ave         PLAN         $TBD                 Up to $25,000 in down payment assistance

208 North Nesmith Ave        PLAN         $TBD                 Up to $20,000 in down payment assistance

210 North Nesmith Ave        PLAN         $TBD                 Up to $20,000 in down payment assistance

212 North Nesmith Ave        PLAN         $TBD                 Up to $20,000 in down payment assistance

214 North Nesmith Ave        PLAN         $TBD                 Up to $20,000 in down payment assistance

801 North Sherwood Ave      PLAN         $169,500           $149,500 after up to $20,000 in down payment assistance

803 North Sherwood Ave      PLAN         $169,500           $149,500 after up to $20,000 in down payment assistance

807 North Sherwood Ave      PLAN         $169,500           $149,500 after up to $20,000 in down payment assistance

809 North Sherwood Ave      PLAN         $169,500           $149,500 after up to $20,000 in down payment assistance

813 North Sherwood Ave      PLAN          $169,500           $149,500 after up to $20,000 in down payment assistance

815 North Sherwood Ave      PLAN          $169,500           $149,500 after up to $20,000 in down payment assistance

   

These NEW homes will be available in 2018!


Interested parties will:
1) Check the attached income limits to see if you could qualify for the program
2) Contact Tyler through this listing to discuss the project.
3) See your banker or other mortgage lender to become pre-qualified for mortgage
4) Become qualified for the program at City of Sioux Falls - Affordable Housing - call 605-367-8180 for an appointment. Indicate you are interested in the Neighborhood Revitalization Program.
5) With an approved qualification for the program and your mortgage pre-approval you are ready for a purchase agreement.

The home will be sold to the first family or individual that is pre-qualified for a loan for the price of the home, program-qualified with City of Sioux Falls - Affordable Housing, and has signed a purchase agreement with Affordable Housing Solutions.

Buyer financing is required. Down payment assistance may also be available through City of Sioux Falls - Affordable Housing.

Income Qualification Required    Buyers will be at or below 80% Median Family Income


All information subject to change or update.