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Home Ownership Purchase Enhancement (HOPE) Program-Energy Efficient HOPE Incentive
Missouri Housing Development Commission
www.mhdc.com

Program Overview

Home Ownership Purchase Enhancement (HOPE) Program-Energy Efficient HOPE Incentive is a is a program where qualified homebuyes may receive an incentive if they bought a qualified newly constructed energy efficient home or bought an existing home and remodeled or puchased items, such as Energy Star appliances, to make the home more energy efficient. See www.mhdc.com for details regarding type of qualified improvements and proof of improvement. List of items needed for application are also available at www.mhdc.com. Borrower may recieve up to $1750 maximum in combination with the Real Estate Property Tax incentive. Program is "first come first serve" and applications will be time stamped upon receipt by MHDC. $15 million was allocated for program and will be discontinued once funds are expended. Program is available to homes located in the state of Missouri.

Who is eligible for this program?

First time homebuyers and repeat buyers are eligible for the HOPE program. Borrwer must be at least 18 years old, and may not be purchasing home from a relative or spouse if married. Borrower must fill out the appropriate documents and applicable affidavit(s) and mail them to MHDC Attn: HOPE Program- AFTER CLOSING Maximum income for program is determined by location of home as being in a "target" or "non-target" area. "Target area" is defined as an area in which 70% or more of the families have an income that is 80% or less of the statewide median income. The list of targeted area census tracts may be found at www.mhdc.com/homes/targeted/targetd_areas.htm Household Income Limit: $ 70,400 for a 1-2 person household, and $80,960 for 3+ person household in non-target area. In target areas, 1-2 person household is $84,480 and 3+ person household is $98,560 Is this program for first time buyers only? No

Property Eligibility Requirements

Home purchased must be located in the state of Missouri. Allowable property types: 1-4 Unit primary residence or manufactured home on a permanent foundation.

Benefit Details

If borrower purchased items within 60 days of purchasing existing home to make home more energy efficient, borrower may submit application for upgrade incentive. Borrower may include with the initial application for property tax incentive or send to MHDC within 90 days of purchasing home. HOPE incentive funds are provided in the form of an interest free loan which does not charge interest or require payment. The recipient must repay the entire amount received if they fail to occupy the residence for at least one year form the date they receive the payment or sell, transfer, or otherwise dispose of the residence within one year from the date they receive the payment. Combined with the Real Estate Property Tax Incentive, maximum incentive is $1750. Benefit: Borrowers must have closed in 2010, and contract to purchase home executed on or after January 1 2010. The executed sales contract adn closing documents may be dated no earlier than January 1 2010. Applications processed in 6-8 weeks and preferred payment method is direct deposit into applicants bank account. If no bank account is provided, payment will be a check. Borrower may have taxes paid in escrow with lender, in which case, incentive will still be issed to applicant. Owner Occupancy Required: Yes Other Program Comments: See Real Estate Property Tax incentive also...

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