Saturday, October 25, 2014

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Neighborhood Stabilization

Community Action Agency is working to stabilize neighborhoods in Jackson County, one of the areas identified as "hardest hit" in Michigan with foreclosure and economic hardship. Projects involve the acquisition and rehabilitation of homes in the local area by licensed contractors, and the purchase by new eligible homeowners.

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PROPERTIES:

-228 Broad St., Michigan Center
-242 Broad St., Michigan Center
-303 Broad St., Michigan Center
-1657 Foye Dr., Jackson
-407 Meyers Ave., Jackson
-2700 Kibby Road, Jackson
-914 Grant, Jackson

Program Guidelines:
1.  Income at or below 120% Area Median Income (AMI) for Jackson County 
             *Preference give to those at 50% AMI or below
2.  Must purchase home as a principal residence
3.  Must be a legal citizen of the United States
4.  Must attend a minimum of 8 hours of homebuyer education provided by CAA
5.  Must be able to secure a mortgage from local lending institution
6.  Must have a minimum of $1,000 for downpayment
7.  You must submit an application and be conditionally approved to be put on the waiting list for these properties

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2014
Jackson County AMI %
Household Size

50%

120%

1

$19,750

$47,400

2

$22,600

$54,150

3

$25,400

$60,900

4

$28,200

$67,700

5

$30,500

$73,100

6

$32,750

$78,500

7

$35,000

$83,900

8

$37,250

$89,350

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