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Affordable housing cost skyrockets in Corpus ChristiAffordable housing cost skyrockets in Corpus Christihttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=12162015-04-22T14:27:00Z2015-04-22T10:00:00Z

CORPUS CHRISTI - The local housing market is pushing the ceiling for affordable home prices higher, experts say — some seeing as much as a 32 percent increase.

New guidelines issued by the U.S. Department of Housing and Urban Development (HUD) show the highest price point for affordable, newly constructed single-family homes at $200,000 — up from the 2014 limit of $151,905.

The highest price point for existing affordable homes increased by nearly 13 percent, from an upper limit of $134,000 to $151,000.

Those prices were determined by Federal Housing Administration mortgage data, and are intended to reflect 95 percent of median purchase prices in Corpus Christi, according to HUD.

Meanwhile, income limits for low-income households — those that earn 80 percent of the area median income, and would be eligible for affordable housing homebuyer programs — increased by nearly 6 percent, across the board.

A family of four earning $42,100 would be considered at the top of the low-income threshold last year; this year, that figure increases to $44,500.

The new guidelines would apply for homebuyer programs administered by the City of Corpus Christi, which have traditionally offered $20,000 as a deferred, forgivable, zero-interest loan for a down payment for eligible, low-income applicants purchasing a home within the HUD-defined ranges.

2015 New HUD Income Limits
Annual
Income
($)
Family Size 1 2 3 4 5 6 7 8
Jan. 2014 29,500 33,700 37,900 42,100 45,500 48,850 52,250 55,600
March 9, 2015 31,200 35,650 40,100 44,500 48,150 51,700 55,250 58,850


Read more at the Corpus Christi Caller-Times.

Corpus Christi Caller-Times
Corpus Christi
Housing
http://www.caller.com/news/building-our-future/growth/affordable-housing-maximum-price-skyrockets_53890941Read more at {Source}

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