First Time Homebuyer's Program
Chandler has partnered with the Newtown Community Development Corporation to help income-qualified families rehabilitate and purchase up to 17 foreclosed homes using $1.4 million in Neighborhood Stabilization Funds received from the U.S. Department of Housing and Urban Development.
With this program, the purchase price is reduced because the buyer only has to afford the cost of the structure, not the land. Buyers only pay for the home and the land is held in a trust administered by Newtown.
Potential buyers cannot have owned a home within the past three years and must meet certain income criteria. The maximum income for a family of four is $79,080. The homes must be owner-occupied, not rented out, and if the homebuyer sells the home, they would share any accrued equity with the Land Trust. The program includes homeowner education and counseling services.