02/13/2008
And then there were 3
by Jim Bray
Last year, two of the houses renovated under our West Center City Housing Initiative in the neighborhood near Trinity sold to first-time home owners. A third one was sold at the end of January. Other requirements for the buyer to qualify under the program are low to moderate income and completing courses in budgeting and personal financial management. A portion of the purchase price is supported by a “soft-second” mortgage, funded by Trinity using a grant from the Jessie Ball duPont Fund and by other matching sources. That “soft-second” is gradually forgiven over a seven-year period, provided the purchasers continue to live in their new homes. We still have four more units in the pipeline. Stay tuned!
