What is MDHA?
It’s the Metropolitain Development and Housing Agency. MDHA is a public housing authority primarily responsible for housing in urban areas as well as community development programs. MDHA sometimes offers Tax Incriment Financing (TIF money) to developers who agree to include a certain percentage of “affordability units” in their buildings.
These units are typically small studios or one bedroom flats bewtween 450 and 675 square feet. Prices vary by development, but usually range from the $130,000′s to the $150,000′s.
Immediate Availability:
- Encore Tower (last unit pending)
- 5th & Main
Resale Opportunities May Be Available:
- ICON in the Gulch
- Viridian
- The Kress
- Art Avenue Lofts
- Lofts at the Exchange
- Werthan Mills
- Ambrose Lofts
- The West Eastland
Rules and regulations vary from development to development but generally follow these guidelines:
- Purchasers must earn less than 80% of the area median income. Currently $37,600 for singles and $43,000 for couples. (Gross Income)
- Units carry resale restrictions for 5-7 years. If resold within the defined timeline, the new purchaser must conform to current guidelines.
- Purchaser must be an owner-occupant at the time of purchase. Future use of property as an investment follows a case-by-case basis and HOA regulations.
- All financing must be in purchaser’s name and qualifications with NO co-signers.
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