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REACH
Employee Assistance Program
REACH Mississippi is a long term workforce housing program of the Gulf Coast Renaissance Corporation, a private nonprofit organization founded by the Gulf Coast
Business Council. The program addresses the process of providing gap financing directly to individuals or families that makeup the workforce in George, Hancock, Harrison, Jackson, Pearl River and Stone Counties. It represents a partnership between Renaissance, participating employers, Mississippi Home Corporation, community based non-profit counseling agencies, private developers, financial institutions and local, state and federal agencies.
The program will leverage employer contributions and three-to-one matching Community Development Block Grant funds to close the gap between what the storm- ravaged residents of coastal counties can afford to pay for housing and what they need in order to live in the area. The program, designed to discourage workers from abandoning South Mississippi for more affordable areas, will increase Homeownership and improve the stability of the workforce.
The program is available to Missississippi Coastal counties and must be originated through a REACH participating lender.
FEATURES OF THE REACH PROGRAM:
- 30 year fixed (Rate determined by each lender)
- FHA insured, VA, Rural Development, Fannie Mae, Freddie Mac
- Employees participation will be shaped by Employer’s Internal assessment
- Matching funds to REACH-qualified applicants for down payment and closing costs
WHO IS ELIGIBLE:
- Employee in good standing of a REACH Mississippi Employer Partner
- Employee who meets Household Income Limits which is 120% or below of Area Median Income (AMI)
- Employee who meet credit eligibility requirements
- Employee who completes Employer’s internal program and receives approval
- Completes the required homebuyer education/counseling through an approved REACH homeownership counseling partner
- Be a renter that has not owned a home in the immediately preceding six months; or
- Be a former homeowner that desires to rebuild a home totally destroyed by Hurricane Katrina; or
- Be a resident of another state who was displaced by Hurricane Katrina wishing to purchase or build a home in the lower six coastal counties; or
- Be a new resident of the lower six coastal counties
PROGRAM REQUIREMENTS:
- Property must be owner occupied, primary residence
- Property must be single family residence, modular or conventional. No
manufactured housing. - Maintain homeowners hazard insurance to include fire, wind & flood, if required
- Borrower’s minimum equity contribution of $500
- Cost of home must be within the maximum permissible acquisition cost for the county in which the property is located
- REACH matching funds must be repaid if property is sold or refinanced prior to the end of 10-year forgiveness period
PROGRAM ACQUISITION LIMITS: $289,705