HOOT: Homeowners Out Of Tenants

A First Time Homeowners Purchase and Rehab Program

Tenants to Homeowners, Inc.
2518 Ridge Court
785-842-5494
tthinc@hotmail.com

A First Time Homeowners Purchase and Rehab Program.


What is HOOT?

HOOT is a program in which local lending institutions in Lawrence cooperate with the City of Lawrence to help low-to-moderate income persons to become homeowners within the city.

What is the purpose of HOOT?

• to provide an opportunity for low-to-moderate income families who are not served by existing lending programs to purchase their own homes
• to upgrade substandard housing
• to provide an opportunity for lenders to reinvest in older neighborhoods and reach low-income buyers
• to provide a way to efficiently use public and private resources to address the need for affordable housing
• to coordinate the resources of lenders, the city, the neighborhoods, an housing non-profit groups
• to encourage neighborhood stability
• to extend and increase the tax base

Who Makes The HOOT Program Possible?

• Members of the Lending Committee:
• Capitol Federal Savings
• Douglas County Bank
• First Savings Bank
• Free State Credit Union
• The University National Bank
• City of Lawrence-Department of Neighborhood Resources
• GE Capital Mortgage Corporation
• Housing and Credit Counseling, Inc.


Who Sponsors The HOOT Program?
Tenants To Homeowners, Inc. a non-profit Community Housing Development Organization whose mission is to empower tenants to become homeowners through programs for education, construction and creative financing.


What Are The HOOT Loan Features?

• HOOT is availible throughout the city limits of Lawrence.
• Property is to be single-family, duplex or town home.
• Homes requiring rehabilitation may be eligible
• Down payment and closing cost assistance is available.


2004 Maximum Income Guidelines

Family Size	80% of Median
1	$34,850
2	$39,800
3	$44,800
4	$49,750
5	$53,750
6	$57,700
7	$61,700
8 and over	$65,700



Maximum Cash in Accounts of Participants


Persons less than 62 years old $5,000 plus $2,500 for each additional family member (spouse/child). Persons over 62 years maximum of $12,500.

Participants Must Be First-Time Home Buyers


Home buyers will not already own any improved real estate property. Home buyers will not have owned a home in the past three years unless they are a displaced homemaker or single parent. Owning a mobile home is not considered home ownership.

Minimum Cash Requirements of Participants
5% of buyer's combined income but no less than $500. A gift from any disinterested third party is acceptable for cash requirements exceeding $500.


Homeownership Training


All participants must complete a free first-time homeowners class. Classes held in Lawrence every second Saturday.

January 8, 2005	July 9, 2005
United Way Center	United Way Center
2518 Ridge Court	2518 Ridge Court
9:45 a.m. to 1:00 p.m.	9:45 a.m. to 1:00 p.m.
March 12, 2005	September 10, 2005
United Way Center	United Way Center
2518 Ridge Court	2518 Ridge Court
9:45 a.m. to 1:00 p.m.	9:45 a.m. to 1:00 p.m.
May 14, 2005	November 12, 2005
United Way Center	United Way Center
2518 Ridge Court	2518 Ridge Court
9:45 a.m. to 1:00 p.m.	9:45 a.m. to 1:00 p.m.



For more detailed information see HOOT.