The Houston City Council has approved the Harvey Homebuyer Assistance Program (HbAP 2.0) Guidelines to aid residents impacted by Hurricane Harvey in achieving homeownership. The program offers eligible first-time homebuyers funds for down-payment assistance, closing costs, subsidized interest rates, and principal buydown. Applicants must have resided in the city limits during the hurricane's occurrence on August 25, 2017, and meet income criteria to qualify. The program aligns with HUD and Texas General Land Office regulations. Households earning up to 80% AMI (low-to-moderate income) and those earning between 80%-120% AMI (urgent need) may receive up to $125,000 in assistance, with varying affordability periods based on the amount received. The initiative prioritizes improving affordability for affected households, allocating 70% of funding to low-to-moderate-income households and 30% to urgent-need households.
This decision directly addresses housing affordability and recovery for residents impacted by Hurricane Harvey, providing significant financial support to rebuild homeownership opportunities. It highlights Houston's commitment to assisting low-to-moderate-income and urgent-need populations.