West Point”s real estate market is getting a healthy boost from a $250,000 Mississippi Development Authority grant.
Six applicants have already qualified to participate in the Homebuyer Assistance Grant, which offers $15,000 to potential homeowners to buy a house within city limits.
“Looking at our city, we have a lot of empty houses. So we want to improve the look of the city and put people in existing homes,” said Dot Ryland, West Point housing coordinator.
The grant also applies to newly constructed houses, but comes with a few conditions. The applicant must live in his or her new home for at least five years after purchase. He or she must meet the Office of Housing and Urban Development”s low income limits but also must be employed and have adequate income to obtain a mortgage for the remaining cost of the home. The purchaser must be pre-approved or approved for a loan, or in the process of trying to get approved from a mortgage company, bank or lender before applying for the grant money.
Finally, all qualified applicants must attend a free eight-hour Homebuyer Education Course that provides financial counseling. Dwight Dyess, president of BancorpSouth in West Point, will lead the first counseling course Feb. 27 from 9 a.m. to 5 p.m. upstairs at City Hall.
Martina Askew, 26, a food nutritionist at North Mississippi Medical Center-West Point, found out Monday she was approved for grant assistance. She hopes to purchase a three-bedroom brick home on Old White Road where she”ll live with her 7-year-old daughter, Alliajah Neal.
“I could have got (the house) without the grant, but this just makes it more affordable,” said Askew.
Javonna Coggins, 22, a teacher assistant at Church Hill Elementary, recently built a 3-bedroom home on West Brame Avenue for herself and her 1-year-old son, Jashawn Patrick, with a loan through the USDA. She supplemented her loan with the Homebuyer Assistance Grant.
“(The grant) is really a blessing. Not only does it make my house payment less, it allows me to have equity right off,” said Coggins.
Ryland said the grant is intended to help people like Askew and Coggins who need a little help purchasing a home. Ryland said the program was so popular last year that West Point became the first community in the state to dole out the entire grant in one year, thus making it easier to reapply this year.
“We were the first ones that ever completely finished the grant in under a year. Because of that we got extra points. You also get points for the area you”re in and how many low-income families are in the area,” she said.
Ryland said the funds will be available for two years. After two years, the city must return whatever portion of the grant is unused. A municipality can reapply for the grant after all funds are distributed or returned.
Jason Browne was previously a reporter for The Dispatch.
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