The City of Auburn has partnered with the North Auburn Housing Development Corporation (NAHDC) to increase homeownership opportunities for all citizens and to create neighborhood stability. Through this partnership, the Northwest Village Subdivision was developed. The Northwest Village Subdivision is an affordable housing subdivision funded by the Community Development Block Grant (CDBG) program sponsored by the U.S. Department of Housing and Urban Development (HUD). Phase I of the subdivision development will include 29 single-family units.
To apply for a home in the Northwest Village Subdivision, applicants must adhere to the following:
HUD Income Limits 2014
State of Alabama
(Median Family Income $59,700)
NUMBER OF HOUSEHOLD MEMBERS
30% of Median
The City of Auburn provides various financial incentives to make homeownership more affordable. The City will pay up to $3,000 in closing costs which alleviates some of the out-of-pocket expenses to be paid by the buyer. In addition, the NAHDC will provide a 30-year amortized loan at three percent (3%) for twenty percent (20%) of the sales price. Providing this subordinate loan decreases the monthly mortgage payment.