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J-HAP Reaches $2 Million in Assistance & announces programmatic - KOAM TV 7

J-HAP Reaches $2 Million in Assistance & announces programmatic changes

Updated:

NEWS RELEASE FROM THE CITY OF JOPLIN

The Joplin Homebuyers Assistance Program (J-HAP) program officially reached the $2 million level of financial assistance for homebuyers this past week, offering support to individuals and families who wish to purchase a home in the recovery area. J-HAP was implemented nine months ago to assist homebuyers with down payments and closing costs, as well as to help homeowners build equity in their homes. Funding assistance for this program is being provided by the U.S. Department of Housing and Urban Development, through a Community Development Block Grant – Disaster Recovery (CDBG-DR) award, which was received as a result of the May 22, 2011 tornado.

The J-HAP program officially was launched on August 10, 2013, and has since received an extremely positive response, with over $2,042,026.07 million dollars in J-HAP assistance awarded to date. A summary of the applicant response to J-HAP can be found below.

Summary

  • Applications Received by the Program Office - 239
  • Applications Submitted to the City - 181
  • Properties Requests Submitted to the City - 101
  • Closings Completed - 74
  • Total Assistance Awarded - $2,042,026.07

The guidelines for J-HAP down payment assistance will be changing, effective May 9, 2014, 5pm CDT. The key points of note are as follows:

  • Assistance will be capped to 20% of purchase price plus closing costs.
  • The 20% amount can be a combination of down payment assistance and principal reduction. The 20% includes the down payment percentage (amount) that a lender would normally require of a borrower. If a gap exists, the balance of funds would be considered a principal reduction.
  • Closing costs are not included in the 20% calculation. The maximum amount of assistance cannot be any more than 20% of the purchase price plus actual closing costs, together not to exceed $30,000.
  • All J-HAP related closing documentation will be due to the City 9 days prior to the anticipated Friday closing date.

Capping J-HAP assistance to 20% of the purchase price, plus closing costs, encourages potential homeowners to seek housing within their financial capabilities as calculated by the lender and should result in more borrowers being served by the program. Additional specific information regarding the J-HAP program is available through the J-HAP Program Office or from the program’s website as noted below.

The J-HAP is not limited to first-time homebuyers or to those affected by the tornado, although there are certain federal requirements that must be met to be eligible for the use of this J-HAP funded Forgivable Loan. Joplin Residents and others interested in moving to Joplin can learn more about the J-HAP qualifications and guidelines by logging onto the City’s CDBG-DR website under the J-HAP information link at http://www.joplinmo.org/cdbg-dr. Individuals who have additional questions or who are interested in applying for the J-HAP should call the J-HAP Program Office at 417-850-2249 to schedule an appointment. A J-HAP Application Packet may obtained by submitting a request to the J-HAP Program Office by e-mailing J-HAP@NanMcKay.com.

Frequently asked questions (FAQs) are available within the J-HAP information link at http:// www.joplinmo.org/cdbg-dr. We encourage all potential applicants, agents, lenders, and builders to please refer to the FAQs, or contact the J-HAP Program Office with any questions, or concerns at 417-850-2249.

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