City of Alexandria Homebuyer's Assistance Program (HAP)

City of Alexandria Homebuyer's Assistance Program (HAP) is a forgivable loan for homebuyers in Alexandria, Louisiana, administered by City of Alexandria Community Development Department. The City of Alexandria's Homebuyer's Assistance Program (HAP), administered by the Community Development Department and authorized by HUD, provides direct subsidy assistance for up to 50% of down payment, mortgage principal reduction, closing costs, and/or education/training to first-time homebuyers at or below 80% of area median income, purchasing an existing or newly constructed home within Alexandria city limits. Assistance is a forgivable loan whose affordability period scales with the amount (5 years under $15,000 up to 15 years over $40,000). The program was created in 1992. Direct subsidy up to 50% of down payment. Principal reduction and closing-cost assistance. Forgivable over the affordability period. Existing or new-construction homes eligible. Long-running program (since 1992). Funding comes from HUD Community Development Block Grant (CDBG) and/or HOME Investment Partnerships Program funds and/or other available funds.

City of Alexandria Homebuyer's Assistance Program (HAP) is a forgivable loan, so the balance is forgiven once the program's conditions are met. Repayment is triggered by Forgivable over a HUD affordability period tied to the assistance amount (under $15,000 = 5-year minimum affordability period; over $40,000 = 15-year minimum). Subject to HOME/CDBG recapture if owner-occupancy is not maintained. The assistance is recorded in Second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Alexandria Homebuyer's Assistance Program (HAP) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Exceptions for single parents who became divorced within the past 3 years and for displaced homemakers. A homebuyer education course is required, through Education/training referenced as an eligible use of program assistance; provider to be confirmed. First-time homebuyer (no ownership interest in past 3 years per HUD) required, with exceptions for recently divorced single parents and displaced homemakers.

City of Alexandria Homebuyer's Assistance Program (HAP) limits household income to 80% of the area median income, which varies by county and household size. Household income at or below 80% of HUD area median income for the City of Alexandria. Specific dollar limits by household size to be confirmed with the Community Development Department (current guidelines PDF was unavailable/404 at verification). The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

City of Alexandria Homebuyer's Assistance Program (HAP) can be used for Single Family. New construction is eligible.

City of Alexandria Homebuyer's Assistance Program (HAP) serves homebuyers purchasing in Alexandria, Louisiana.

Applications for City of Alexandria Homebuyer's Assistance Program (HAP) go through City of Alexandria Community Development Department, which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.