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HomeMy WebLinkAboutRES 10-027 RESOLUTION NO. 10-027 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT: THAT the City Council hereby adopts the proposed Neighborhood Stabilization Program Procedures and Guidelines and homebuyer application contained therein, substantially in the form attached hereto as Exhibit "A." BE IT FURTHER RESOLVED THAT the City Council approves the Neighborhood Stabilization Program budget as follows: Administration $ 56,435 Purchase and Rehabilitation of NSP-eligible properties $1,007,621 - Acquisition and Disposition ($675,000) - Rehabilitation ($332,621) Demolition of NSP-eligible properties $ 121,073 (properties must be located in Census Tracts 6, 7 and 9) Total: $1,185,129 PASSED BY THE CITY COUNCIL of the City of Beaumont this the 9th day of February, 2010. -��'�.����\` Ar o - Mayor Becky Ames - I i Off, i AV i (�1 A RICA WITH orl ORTUAITY HERMON* T - E X A - S Neighborhood Stabilization Program COMMUNITY DEVELOPMENT DEPARTMENT 801 Main St. Beaumont,Texas 77701 (409) 880-3763 Homebuyer Program Summary Purpose The purpose of the Neighborhood Stabilization Homebuyer Program is to provide down payment and closing cost assistance to low-moderate and middle-income (LMMI) families for the purchase of a residential foreclosed and vacant property in the City of Beaumont. Amount City of Beaumont will provide qualified homebuyers with up to 30 000 based upon the calculated need. Such assistance will be applied towards the following options: • 50% of the loan product's down payment requirements • 100% of the closing cost including upfront private mortgage insurance • Principal buy down option Eligible homebuyers with incomes at or below 50%AMI may qualifil for 100% NSP Mortgage financing through the Texas Department of Housing&Community Affairs. Eligibility Criteria To be eligible for the NSP Homebuyer Program an applicant must: • Have a minimum work history of 2 years of full-time, part-time or seasonal employment prior to application • Not currently own a residential property • Meet the NSP HUD income limits. See attached income limit table • Complete a HUD-approved Homebuyer class(See attached list of approved housing counseling agencies.) • Have a minimum$500.00 that will be applied towards the down payment. • Purchase a foreclosed,vacant residential 1-3 unit property at a 5% discount from the current market appraised value of the home. • Have a debt-to-income ratio that does not exceed 4.5%calculated as total monthly debt (including PITI/total household eligible income. Purchase The purchase price must be at least 5% less than the as-is appraised value of the Discount home. The purchase agreement contract must indicate that the homebuyer is Neighborhood Stabilization Program Application January 2010 Page 1 of 17 EXHIBIT "A" Requirement purchasing the house with federal NSP funds and must meet NSP requirements. Market The current market appraised value means the value of a residential property Appraisal that is established through an appraisal made in conformity with the Uniform Requirement Residential Appraisal Report (URA) Homebuyer Potential homebuyers are required to complete a HUD-Approved Homebuyer Education Counseling class and meet with the Housing Specialist to review the NSP Homebuyer's program guidelines. (See attached list of approved housing counseling agencies) Borrowers First lien loan must be a fully amortized, fixed rate loan for up to 30 years with Financing an interest rate that does not exceed the prevailing market rates for conforming loans. "No Documentation loans," wraparound mortgages,negative amortization mortgages, sub-prime mortgages interest only mortgages,balloon mortgages, Adjustable Rate Mortgages (ARMS) or other non-traditional financing are NOT allowed under this program. The loan must include escrow for taxes and insurance, including flood insurance if applicable. Mortgage must be secured from a recognized lender; owner-financing is not allowed under this program. Texas NSP Mortgage Financing may be available to families who are at or below 50% Area Median Income adjusted for family size. Neighborhood Stabilization Program Application January 2010 Page 2 of 17 CITY OF BEAUMONT COMMUNITY DEVELOPMENT DEPARTMENT 801 Main St. Beaumont,Texas 77701 (409) 880-3763 HUD Income Limits Down payment assistance is given to households earning at or below 120% of the area median income. *Please note that 35% of the City's available funds for this program must benefit households that are at 50% or below of the median income for the Beaumont area. *Income Limits adjusted annually by the U.S. Department of Housing and Urban Development Household Size %of Median 1 2 3 4 5 6 7 S Program Eligibility Person Person Person Person Person Person Person Person Under NSP Program LMMI Income $43,200 $49,350 $55,500 $61,700 $66,600 $71,550 $76,500 $81,400 (120%) Under NSP Program LMMI Income(50%) $18,000 0,550 $23,150 $25,700 $27,750 $29,800 $31,850 $33,900 Type of Loan The City of Beaumont NSP homebuyer program is a federally funded program that provides qualified income eligible homebuyers with a zero interest silent loan to assist with the purchase of a home. There is no monthly payment due on the loan. Repayment As long as the NSP federal guidelines are followed and the homeowner continues to reside in the property as their primary residence, the NSP Homebuyer Program loan shall be forgiven after five years from the anniversary date. The NSP Homebuyer Program loan must be repaid in full if during the term of the loan the property: • Is sold; • Ownership is transferred • Is refinanced to cash out equity; or • Is not maintained as the borrower's principal place of residence Property Types of property purchased must be a 1-3 residential property that is foreclosed upon and vacant. • A foreclosed upon property(foreclosure must be complete ; title transferred) Neighborhood Stabilization Program Application January 2010 Page 3 of 17 • Abandoned property(property must have been unoccupied for at least 90 days AND mortgage or tax foreclosure has been initiated. Location Property must be located in the City of Beaumont and used as the owner's principal residence for the entire affordability period. Inspection All units purchased with NSP assistance must meet the HUD Housing Quality Standards (HQS). This includes compliance with the Lead Based Paint Poisoning Prevention Act of 1971. A City Housing Rehabilitation Specialist will identify the home's deficiencies based upon all applicable codes. If home repairs are needed, homebuyers could be eligible to receive additional NSP housing rehabilitation funding to complete the work according to HUD regulations. Neighborhood Stabilization Program Application January 2010 Page 4 of 17 CITY OF BEAUMONT COMMUNITY DEVELOPMENT DEPARTMENT 801 Main St. Beaumont,Texas 77701 (409) 880-3763 APPLICATION PROCESS Step 1:Homebuyer Eligibility • Applicants are encouraged to meet with the NSP Housing Specialist for a housing counseling session to review the NSP application process and guidelines. • Applicants looking to use NSP funding must register for and attend a HUD approved 8-hour homebuyer course. • Applicant completes and submits and NSP Homebuyer application for determination of homebuyer eligibility. • Upon confirmation of applicant's income qualification, the Housing Specialist mails out an NSP preapproval letter to applicant. • Applicant applies for a mortgage and gets a pre-approval. • Applicant searches for a foreclosed property in the NSP target areas. • Applicant makes an offer on a foreclosed, vacant home in Beaumont with all the NSP addendums. • Once offer is accepted,the City of Beaumont will need to determine property eligibility. Step 2:Property Eligibility • Applicant completes and submits the property eligibility form with all supporting documentation. • Housing Specialist will order a property appraisal and validate that all NSP requirements are in place. • The City of Beaumont Rehabilitation Specialist will complete the necessary Housing Quality Standards inspection. Please note that the borrower is advised to obtain an independent inspection prior to purchasing any property.The inspection done through the City is for the purpose of meeting the NSP Homebuyer Program guidelines. • A written inspection report will be generated to outline any failing items that do not meet code. • If home repairs are required for code compliance, the homebuyer must agree to have the City of Beaumont coordinate the work that needs to be completed in order to meet the HUD HQS regulations. • If the borrower and the property are eligible,the City of Beaumont will send the applicant an approval letter and assist in coordinating borrower's real estate closing. Neighborhood Stabilization Program Application January 2010 Page 5 of 17 BINS WITH OPPORTUNITY Date Returned to City: EAMON* O T . E . X , A f Eligibility: U ❑ Eligible for low income ❑Not eligible NEIGHBORHOOD STABILIZATION PROGRAM(NSP) U E ❑Eligible for middle income HOMEBUYER APPLICATION C This program is intended to assist program-qualified households purchase vacant foreclosed houses in the City of Beaumont, as their principal places of residence, through TDHCA or FHA-financed mortgages. This application is the first step of the assistance process to determine and confirm eligibility in accordance with State and Federal requirements. Once income and credit score eligibility is confirmed by the City, applicants are required to complete an eight-hour homeownership counseling class funded by the City of Beaumont. Upon completion of this class,program-eligible applicants will work with realtors and FHA-approved lending institutions to locate and purchase qualified properties. All financial assistance provided through this program will be allocated directly to the FHA-approved lending institution;NO FUNDS WILL BE PROVIDED DIRECTLY TO ELIGIBLE APPLICANTS. If you have any questions regarding this program,please contact our office at 409-880-3763. APPLICANT INFORMATION: Applicant Name: Current Address: City, State,Zip: Home Phone: Work Phone: Cell Phone: Email Address: HOUSEHOLD COMPOSITION: List the head of household and all other :members who will be living in the property. Give the relationship of each family member to head of household. FULL NAME RELATIONSHIP BIRTH AGE SEX SOCIAL SECURITY# DATE Household Size: (Total number in household including yourself) Household Status: (Check as many of the following that pertain to the members of your household) ❑ Disabled ❑Female Head of Household ❑ Senior Citizen(age 62 and over) Demographic Status: (Please check only one of the boxes below) ❑ African American ❑ Alaskan Native ❑ American Indian ❑ Asian or Pacific Islander ❑ White ❑ Other(Explain) Neighborhood Stabilization Program Application January 2010 Page 6 of 17 CITY OF BEAUMONT—NEIGHBORHOOD STABILIZATION PROGRAM(NSP) NSP Homebuyer Application Page 2 of 2 HOUSEHOLD INCOME: Please report all income for all household members. FAMILY MEMBER TYPE OF INCOME ANNUAL AMOUNT ASSETS: List all checking, savings, retirement, and certificates of deposit accounts for all household members. Include court awarded child support even if it is not currently being received. FAMILY MEMBER BANK ACCOUNT NUMBER CURRENT BALANCE I/We understand that the above information is being collected to determine if I/We are eligible to receive Homebuyer Assistance. I/We authorize verification on all information provided on this application. I/We also certify that no other governmental assistance is being provided or anticipated. I/We certify that should other governmental assistance be sought in the future, the City of Beaumont will be notified immediately. Warning: Title 17, Section 1001 of the United States Code, states that a person is guilty of a felony for knowingly and willingly making false or fraudulent statements to any department or agency of the United States. All information shown above is true and correct to the best of my knowledge. The City of Beaumont adheres to federal fair housing laws. It is illegal to discriminate against any person because of their race, color, religion, sex, disability,familial status, or national origin. Signatures of Applicants: Date: Date: Date: Neighborhood Stabilization Program Application January 2010 Page 7 of 17 RICH WITH OPPORTUNITY RAMON* T • E , X • A • ELIGIBILITY RELEASE' City of Beaumont Applicant Name: Applicant Address: Instructions to Applicant: Your signature on this Eligibility Release, and the signatures of each member of your household who is 18 years of age or older, authorizes the City of Beaumont to obtain information from a third party regarding your eligibility and continued participation in the: City of Beaumont Neighborhood Stabilization Program Privacy Act Notice Statement: Federal program guidelines require the collection of the information listed in this form to determine an applicant's eligibility for programs administered by the City of Beaumont which provide assistance with federal grant funds. This information will be used to establish the level of benefits for which the applicant is eligible and to verify the accuracy of the information furnished. Information received from an applicant or as a result of verifying an applicant's eligibility may be released to appropriate Federal, State, and local agencies or, when relevant, to civil, criminal, or regulatory investigators, and to prosecutors. Failure to provide any information may result in delay or rejection of your eligibility approval. The City of Beaumont is authorized to ask for this information under the National Affordable Housing Act of 1990. Each adult member of the household must sign this Eligibility Release prior to the receipt of benefits to establish continued eligibility. NOTE: THIS GENERAL CONSENT MAY NOT BE USED TO REQUEST A COPY OF A TAX RETURN. If a copy of a tax return is needed, IRS Form 4506, "Request for a Copy of Tax Form"must be prepared and signed separately. Neighborhood Stabilization Program Application January 2010 Page 8 of 17 Information Covered: Inquiries may be may be made about items initialed below by the applicant., Description Verification Required Initials of - ............................... . ...... .............. ....... Applican ts......_.................. Income(all sources) X ....... _.._........................._.... ....... .......................... ............ ....... _ .. ........ ....... ......... Assets(all sources) X ....... ... ...... ... ... Child Care Expenses X ..... ......... ...... . Disability Assistance Expenses(if applicable) X ...._.. _ ............. ...._........... .. ....._.... ................... .................................................... . ....... ......... ..... ......... _......... Occupancy Preference(Special Needs)(if applicable) X Medical Expenses if applicable) X ........... ... .. Other(list): X .............. ...................... ........ ....... .__ ...... ...... . .........._.................. .... . . Dependent Deduction: ❑ Full-time Student F1 Disabled Household Member X ❑ Minor Children Applicant's Authorization: I authorize the City of Beaumont to obtain information about me and my household that is pertinent to determining my eligibility for participation in the City of Beaumont's Neighborhood Stabilization Program. I acknowledge that: (1) A photocopy of this form is as valid as the original; AND (2) I have the right to review information received using this form; AND (3) 1 have the right to a copy of information provided to the City of Beaumont and to request correction of any information I believe to be inaccurate; AND (4) All adult household members will sign this form and cooperate with the City of Beaumont in the eligibility verification process. WARNING: Title 18,Section 1001 of the U.S.Code states that a person is guilty of a felony for knowingly and willingly making false or fraudulent statements to any department of the United States Government. Signatures: Signature-Head of Household Printed Name Date 11 Signature—Other Adult Household Member Printed Name ................. _..............................._....._........_............ .... Signature Other Adult Household Member Printed Name Date .. .. .. ... -.1........ . ............ ._.. Signature—Other Adult Household Member Printed Name Date Neighborhood Stabilization Program Application January 2010 Page 9 of 17 RICK WITH OPFOATUNlTT [IEA,IIMON* T F • X [A $ Verification of EMPLOYMENT City of Beaumont Address: 801 Main St/P O Box 3827 .........................................................................._....._...._......_............................_.............................._........._..........._...... Phone: 409.880.3763 Fax: 409.880.3125 Email: jlewis(aci.beaumont.tx.us Applicant Name: RELEASE: Applicant's signature here or on attached"Eligibility Release" authorizes the release and/or verification of the requested employment information. Signature of Applicant Date Applicants — Do Not Fill Out The Information Requested Below. To the Employer: Federal regulations require verification of employment and income of all members of any household making application to participate in the City of Beaumont's Neighborhood Stabilization Program. We ask your cooperation in supplying this information to the City of Beaumont. The information you provide will be used only to determine the eligibility status and level of benefit available to the applicant household. Applicant employed since: Occupation: . .._.... .............. Salary: Date of last pay increase _..... _ ...... .. ......_._ Base pay rate: $ per HOUR / WEEK / MONTH (circle one)11 ....... ........ ...... .... ...... .... _ __. Average number of hours worked per week at base pay rate: .... .__ . ..... ... ...... Number of weeks worked per ear: Overtime pay rate: $ per hour Expected average number of hours overtime to be worked per week during the next 12 months: Specify any other compensation not included above(commissions,bonuses, tips, etc.): For: p er ... ._... _..... Is pay received for vacation? ❑ Yes ❑ No If Yes, number of days per year Total base pay earnings for past 12 months $1111-11 ............. ................ ..... ..... . ...... ........ ......... . ..._.... ............ ._................... ............ Total ....................._.... ... _ ...._ ._...... ................ Probability and expected date of any_pay increase: _-... ............................... .. _..._ Does the employee have access to a retirement account? ❑Yes ❑No If Yes,what amount does he/she have access to? $ Signature of Employer's Authorized Representative ........_..._. _ ..._...... .. ......_. .... ...... ..._....__ .... ......... ... Title: Date: ; Phone: ...._._... ..._ _...... ............ ....... ...._........ ........ .......... ._........................ ......... ............................. WARNING: Title 18,Section 1001 of the U.S. Code states that a person is guilty of a felony for knowingly and willingly making false or fraudulent statements to any department of the United States Government �I I Neighborhood Stabilization Program Application January 2010 Page 10 of 17 NEIGHBORHOOD STABILIZATION PROGRAM REQUIRED DOCUMENTATION CHECKLIST All of the following documents (if applicable) must be submitted with this application. Missing or incomplete information will cause your application to be delayed or possibly denied. ❑ Completed application, signed and dated by all applicants. ❑ Approved form of identification for EACH ADULT HOUSEHOLD MEMBER (18 years old or older) • A signed Employer Verification form—Do not fill in the requested information oil the bottom half of the form • Copies of three consecutive month's worth of your most recent pay stubs • Signed Verification Forms for all other sources of income(Social Security,Disability,pension,etc.) ❑ Complete copies of 2 years of your most recent Federal tax returns,all corresponding W2's and attached schedules ❑ If you are self-employed(full or part-time),submit a year-to-date profit/loss statement AND three years of federal income tax returns.Please also submit your estimate of the income you will receive for the next 12 months and an explanation as to how you came to that number. ❑ Signed Asset Verification form AND copies of 6 consecutive months of checking account statements ❑ A copy of your 6 most recent savings account statements, including the interest rate ❑ A copy of the most recent statement from all other assets(IRA,401 K,cash value of life insurance policy, etc.)verifying the current balance and interest rate or annual dividend payment ❑ For applicants claiming a medical disability, submit attached Verification of Disability Special Need (certification must be made by someone other than the applicant(s) ❑ Certification of completion of an 8-hour HUD-approved Homebuyer Education Course. Verification of court-ordered child support including divorce decree AND payment record from the Texas ❑ Attorney General's office or other applicable child support enforcement agency. Neighborhood Stabilization Program Application January 2010 Page 11 of 17 CERTIFICATIONS It is our policy to verify all information contained in this application.In acknowledgement of this policy,please sign your name(s)where indicated. UWe certify the following: All the information contained and submitted in support of this application is true and complete to the best of my/our knowledge and belief. I/We are aware that any misrepresentation will result in the forfeiture of my/our right to participate in any of the City of Beaumont Neighborhood Stabilization Program and may result in legal action against me/us. Consent to Release Information: I/We authorize representatives from any of the City of Beaumont Neighborhood Stabilization Program to supply and receive information to/from all other City of Beaumont Neighborhood Stabilization Program that I/we have applied to,my/our employer(s),my/our financial institution(s), other housing/down payment assistance programs,my/our Realtor and/or my/our Mortgage Lender to verify the information contained in this application.This information includes,but is not limited to bank statements,employment status,income,outstanding debts and other financial information.I also authorize representatives from any of the City of Beaumont Neighborhood Stabilization Program to allow inspection and reproduction of any financial records or information in their possession. I/We understand that information in this application may be shared with any of our funding sources for the purpose of meeting funding compliance. I/We understand that the income I/we use to qualify for a mortgage loan amount must be the same as the income I/we claim in this application. I release all representatives from any of the City of Beaumont Neighborhood Stabilization Program from any and all liability arising from release of such information.This authorization is limited solely to information requested for the processing of my application for the City of Beaumont Neighborhood Stabilization Program. If I/we purchase a home under any of the Neighborhood Stabilization Program listed in this application,I/we will occupy the home and agree to use the home as my/our primary and principal residence. I understand that completion of this application does not guarantee that my/our eligibility for the programs and/or that I/we will successfully purchase a home through the City of Beaumont Neighborhood Stabilization Program. Signature/Date Signature/Date Equal Opportunity: In accordance with the provisions of the Equal Opportunity Act and the City of Beaumont Neighborhood Stabilization Program policies,there will be no discrimination against an applicant for these benefits on the basis of age,source of income,sex,race,marital status,sexual orientation,national origin,religion or handicap.If you or a member of your household is an individual with a disability,you have the right to request reasonable accommodation for that disability. The City of Beaumont's Neighborhood Stabilization Program is committed to assuring that each individual has an equal opportunity to the use and enjoyment of the benefits of this program.For more information,please contact the individual programs to which you are applying. Spanish translation is available. Confidentiality:In order to process an application,City of Beaumont Neighborhood Stabilization Program may supply and receive information as detailed in the"Consent to Release"clause above. Information may also be released to comply with the auditing requirements of program funding sources. With these two exceptions,all personal and identifying information on an application remains fully confidential. Neighborhood Stabilization Program Application January 2010 Page 12 of 17 INCOME DEBT AND ASSET INFORMATION Please complete a separate Income and Asset Section for EACH individual in the household who receives income or holds assets or debts.Make copies of this part of the application if necessary. You do not need to provide employment income information for household members younger than 18. You do need to include assets held by children,or benefit income received by children. On the following list, check YES if you receive the particular income, and check NO if you do not receive the income. You will need to provide verification for each item checked YES. (Refer to the Required Documentation Checklist in this packet.) A. Income Information Gross income is the combined household income which includes,but is not limited to,job earnings, Social Security and Social Services income (for all in household), TANF, VA benefits, unemployment income, military pay, worker's compensation payments, child support, alimony/maintenance payments, income from pensions or retirement plans, stocks, etc. Failure to report household income is considered fraud and can have serious consequences. Employment Income (Do not include employment income of children younger than Self-Employment Anticipated Net Income for Clarification , the next 12 months (as necessary) Name of Business: $ Applicant's Employer Anticipated Gross Annual Clarification Income for the next 12 months (as necessary) Name and address of Employer: $ Avg#hours worked per week: Employer#2 'Anticipated Gross Annual Clarification Income for the next 12 months (as necessary) Name and address of Employer: $ Avg#hours worked per week: TOTAL OF ALL EMPLOYMENT,INCOME $ Neighborhood Stabilization Program Application January 2010 Page 13 of 17 Benefit Payments Type of Income Receive? Anticipated Gross Annual Clarification YES NO Income for the next 12 months (as necessary) Social Security ❑ ❑ $ Supplemental Security Income(SSI) ❑ ❑ $ Supplemental Security Disability Income(SSDI) ❑ ❑ $ Worker's Comp/Disability Pay/Benefits ❑ ❑ $ Unemployment Insurance/Severance Pay ❑ ❑ $ Insurance Policy Payments/Annuities ❑ ❑ $ Pension/Retirement Benefits ❑ ❑ $ TOTAL OF ALL BENEFIT PAYMENTS $ Alimony and Child Support Provide a copy of the court order for each a of support and indicate whether on are actually receivin the indicated supp ort Type of Support Receive.- Anticipated Gross Annual Clarification YES NO Income for the nest'12 months (as necessary) Alimony/Maintenance ❑ ❑ $ Child Support ❑ ❑ $ TOTAL OF ALL ALIMONY AND CHILD SUPPORT RECEIVED $ Other Sources of Income Type of Other Income Receive? Anticipated Gross Annual Clarification YES NO Income for the'next 12 months (as necessary) Money or gifts regularly given by persons not $ living in the home/recurring cash(requires ❑ ❑ completion of Recurring Cash certification by persons who are the source of the cash or gifts) Lottery winnings paid in periodic payments ❑ ❑ $ Rent payments you receive ❑ ❑ $ Other Income(please specify source,ex. Avon) ❑ ❑ $ Other Income(please specify source) ❑ ❑ $ TOTAL OF ALL OTHER SOURCES OF INCOME $ Neighborhood Stabilization Program Application January 2010 Page 14 of 17 B. Debt Do you have any debt? ❑ Yes ❑ No If yes,please,list below. Creditor's Name Unpaid Balance C. Asset Information An asset is cash or a non-cash item that can be converted to cash. Report the following assets: Cash held in savings accounts, checking accounts, safe deposit boxes, homes, etc. Equity in rental property or other capital investments. Cash value of stocks,bonds, Treasury bills, certificates of deposit and money market accounts. Individual Retirement and Keogh accounts (even though withdrawal would result in a penalty). Retirement and pension funds. Cash value of life insurance policies available to the individual before death. Personal property held as an investment such as gems,jewelry, coin collections, antique cars, etc. Lump sum or one-time receipts, such as inheritances, capital gains, lottery winnings, victim's restitution,insurance settlements and other amounts not intended as periodic payments. Mortgages or deeds of trust held by an applicant. Any real property. Do Not Report necessary personal property such as clothing, furniture, cars and vehicles specially equipped for persons with disabilities. Bank Accounts Have? Name of Institution Type ofAccount Current Balance YES NO 1-1 13 Checking $ Checking $ ❑ ❑ Checking $ ❑ ❑ Savings $ ❑ ❑ Savings $ 11 L1 Money Market $ ❑ ❑ Money Market $ ❑ Cl Other(specify) $ TOTAL OF ALL BANK ACCOUNT BALANCES $ Neighborhood Stabilization Program Application January 2010 Page 15 of 17 Other Assets Current Have? Clarification Name of Institution Type of Investment; Value of Notes YES NO Assets Individual Stocks $ Bonds $ Mutual Funds $ Trust Funds $ Retirement Accounts(ie,IRA, ❑ ❑ Keogh,401K,403B,PERA) $ Cash value of life insurance policy $ Gift Money for down payment ❑ ❑ provide a copy of the gift letter $ Estimated Proceeds from Sale of ❑ ❑ Home $ Value of Other Property(please $ ❑ ❑ specify)$ Other Asset(please specify) $ TOTAL VALUE OF ALL OTHER ASSETS $ Neighborhood Stabilization Program Application January 2010 Page 16 of 17 RICK WITH OPPORTUNITY [I 11m: i Ll 1�4 I �1 T T • E - X • A - S City of Beaumont Neighborhood Stabilization Program(NSP) Community Development Department Housing Services Division 801 Main Street, Suite 201 Beaumont,Texas 77701 409-880-3763 (phone) 409-880-3125 (fax) www.cityofbeaumont.com HUD (Housinp-Urban and Development) Approved Homebuyer Education Courses • Beaumont Housing Authority 1890 Laurel Beaumont, Texas 77701 409-951-7200 www.bmtha.org • Catholic Charities 2780 Eastex Freeway Beaumont, Texas 77703 409-924-4400 www.catholiccharitiesbmt.org • Tejano Center for Community Concerns 920 DeQueen Port Arthur, Texas 77740 409-984-2660 www.tccc-ryss.org Neighborhood Stabilization Program Application January 2010 Page 17 of 17