Although this program is already closed to new applicants, many current approved applicants are looking for a home. If you are one of these applicants and are in need of assistance finding the right home please call Amy at 228-697-2816.
The city of Gulfport, MS was awarded $9 Million in funds that is to be used for long term workforce housing. The program is a two-year project that will give people that want to buy a home up to $50,000 in the form of a forgivable loan, or deed restriction. Unlike other similar programs for investors, the Gulfport HomeLine Grant is for owner occupied properties only and reduces itself each year by 20%. The beauty of this is that if you need to move (relocation, etc), you do not have to pay the full amount back. If you were to move in the 3rd year, you would only have to pay back 60% of the award. Of course, if you own, and occupy the property for 5 years, you do not have to pay any of it back. The Gulfport Homeline Grant does have maximum annual household income requirements as part of the program as the program is designed to help the low to middle income people which typically comprises the workforce – the income requirements are shown in the table below based on the number of people in the household. | Family Size | Maximum Annual Income | | 1 | $27,450 | | 2 | $31,350 | | 3 | $35,300 | | 4 | $39,200 | | 5 | $42,350 | | 6 | $45,450 |
The Gulfport Homeline Grant also has some other basic guidelines as well and include: - Maximum House price of $180,000
- Maximum Assistance is $50,000
- 5 year deed restriction to insure affordability and primary residence
- Obligation reduces 20% each year
- Home must be built since 1980
- Home must be within the Gulfport city limits
- Not in a Flood Plain
- Not in need of Repairs
- Max debt ratio of 45%
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