This is the program that would give qualified folks money to purchase qualified bank owned homes. From the PDC:
The Own Your Own Program will not begin accepting applications on October 15. PDC and the City are still going through the approval process. As soon as the application process is finalized, PDC will send out a follow-up e-mail with additional details. Once we do begin the application process, applicants will likely have two to three weeks to apply for the program. To apply, applicants will likely be required to submit the following documentation:
an OYO Application (to be made available at www.pdc.us/oyo),
a credit approval letter from a lender
proof of household income
proof of funds to meet the minimum investment one percent of the purchase price
Due to the tremendous demand for the program, PDC intends to use a lottery system to identify the OYO recipients. We have adequate funding to assist at least 25 households, but we have already received over 500 inquiries. Given that the demand for the program exceeds the funding, PDC is proposing to give a preference in the selection process to low-income (80% of the Median Family Income) first-time homebuyers. However, all eligible applicants will have an opportunity to access the OYO funding. PDC does not advise clients to begin shopping for, or entering into a contract to purchase, an eligible property until after the lottery has been conducted and the applicant has been notified that they will be offered NSP funding.
Thank you for your understanding and continued patience as we prepare to launch this new program.