A new program offers Kerr County flood victims up to $145,000 in down payment aid, with extra funds for first-time buyers, veterans, and military personnel.
KERR COUNTY, Texas — A new down payment assistance program has been announced for Kerr County residents affected by the deadly Fourth of July floods.
On Wednesday, the Texas State Affordable Housing Corporation, Connective and the Community Foundation of the Texas Hill Country announced the new program is funded by the Kerr County Flood Relief Fund, the $4 million investment that is a part of the Foundation’s larger $40-million commitment to help local residents regain stable housing.
The assistance program will reportedly offer between $10,000 and $145,000 based on household income, with an additional $30,000 available for first-time buyers, veterans or active-duty military.
“At the Community Foundation, we are putting local families who lost homes in the driver’s seat of their recovery by funding programs that offer choice in their flood recovery path,” said Austin Dickson, Chief Executive Officer of the Community Foundation of the Texas Hill Country. “This down payment assistance will help preserve homeownership and create new homeowners. By helping families whose homes were rendered uninhabitable secure new places to live, we are investing in the long-term recovery, resilience, and strength of our entire community.”
If home buyers are interested in the grant, they must work with a lender approved by the Texas State Affordable Housing Corporation and use a TSAHC mortgage loan, according to a press release. The release goes on to say people may also combine the grant with TSAHC’s standard down payment assistance, which offers up to 5% of the mortgage amount.
In order to be eligible for the assistance program, residents must have lived in Kerr County or Comfort during the July Fourth floods and show documentation that their primary residence was made uninhabitable. The press release also says applicants must have a household income below $123,500 to be eligible as well.
“We are honored to partner with TSAHC and the Community Foundation to make this assistance available to residents affected by the July 4th flooding. Connective’s experience with disaster recovery, combined with TSAHC’s experience with down payment assistance, will ensure that these funds are disbursed quickly to those who need them the most,” said Elena White, Connective’s Chief Executive Officer.
Applicants interested in the flood assistance program should visit RebuildKerrDPA.org to learn more about the program and connect with a TSAHC-approved lender.