City leaders hope to eventually buy about 13 foreclosed homes in areas all over Lubbock.
They plan to use $2.1 million in federal stimulus money to make the purchases.Then families can apply for the program, which offers no-interest loans for 30 years to low-income applicants and homebuyers assistance to those on moderate income.
Housing Programs Coordinator Phyllis Brown says for some, it's a better opportunity than the last similar initiative in the mid 90s called Hope Three. It offered three percent loans.
"We just thought there's a need here in Lubbock," she said, "because there are foreclosed properties out there that we could tap into and to provide home ownership opportunities to people who are low to moderate income that otherwise wouldn't be able to become homeowners basically"
To be eligible, a family of four must have a maximum income of just more than 65 thousand dollars. To qualify for zero interest financing, they would need to make less than $27,300.
Each house considered for the program is valued between 65 thousand and 85 thousand dollars.
Coordinators are working through the Lubbock Housing Finance Corporation to actually acquire the homes.
Council members are expected to sign off on the agreement with Lubbock's Housing Finance corporation Thursday.
City purchases of the homes could begin as early as next week.
