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EDA discusses acquiring, renovating vacant house for first‑time buyers under HUD‑linked program
Summary
Staff updated the authority on a program to acquire and renovate an undervalued vacant house for first‑time homebuyers using repayable loan funds; program rules require HUD‑certified counseling and include options for incentives tied to completion of requirements.
Grayson County Economic Development Authority staff discussed using program funds to acquire and renovate a vacant house and offer it to first‑time homebuyers under a repayable‑loan model.
Staff explained the program limitations: the rehab financing is structured as repayable loan funds totaling about $53,500 for construction, within an overall package of roughly $60,000 per house (the remainder…
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