Jericho Road Affordable Homeownership Program

Jericho Road Affordable Homeownership Program is down payment assistance for homebuyers in New Orleans, Louisiana, administered by Jericho Road Episcopal Housing Initiative. Jericho Road Episcopal Housing Initiative is a New Orleans nonprofit homebuilder that constructs and sells newly built, energy-efficient, affordable single-family homes to first-time buyers earning 80-120% of AMI. Homes are sold at below-market prices, in partnership with the Louisiana Housing Corporation and the City of New Orleans Office of Community Development, so buyers can layer city soft-second and other subsidies. Buyers complete a 12-hour homebuyer training course and contribute at least $1,500. Newly constructed energy-efficient home. Below-market price for 80-120% AMI buyers. Layer city soft-second and LHC subordinate financing. Low $1,500 minimum contribution. Funding comes from Nonprofit developer subsidy funded by City of New Orleans OCD, Louisiana Housing Corporation, HUD, Enterprise Community Partners, FHLB Dallas, Greater New Orleans Foundation, and others.

Jericho Road Affordable Homeownership Program is down payment assistance and is repaid under the terms set by Jericho Road Episcopal Housing Initiative. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Jericho Road Affordable Homeownership Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: No published minimum; must qualify for a mortgage; Jericho Road provides pre-purchase credit counseling. A homebuyer education course is required, through 12-hour First-Time Homebuyer Training Course before closing; monthly workshops via Central City Homebuyer's Club. First-time homebuyer earning 80-120% AMI; complete 12-hour training before closing; minimum $1,500 own funds; owner-occupy; qualify for a first mortgage. Assistance is below-market sale plus layered public soft-second (classified 'other').

Jericho Road Affordable Homeownership Program limits household income to 120% of the area median income, which varies by county and household size. Households earning between 80% and 120% of AMI for the New Orleans metro. 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.

Jericho Road Affordable Homeownership Program caps the purchase price as follows: Homes sold at below-market prices set by Jericho Road; recent 3BR/2BA homes in Central City; no published maximum. Eligible property types include Single Family. New construction is eligible. Manufactured homes are not eligible.

Jericho Road Affordable Homeownership Program serves homebuyers purchasing in New Orleans, Louisiana. The program targets specific areas: Central City, Gentilly, Seventh Ward, and parts of Jefferson Parish (East and West Banks).

Applications for Jericho Road Affordable Homeownership Program go through Jericho Road Episcopal Housing Initiative, which publishes the current terms and the application steps on its own site. Funds are reserved through Applications to Jericho Road; homes sold as completed; monthly pre-purchase workshops (Central City Homebuyer's Club). 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.