The El Paso Housing Finance Corporation (HFC) is an independent entity, created pursuant to the Housing Finance Corporation Act by the City Council as a non-profit corporation and has been in existence since 1979. The statutory purpose of this corporation is to assist people of low and moderate income to acquire and own decent, safe, sanitary, and affordable housing and to preserve and increase the tax base of the local government.
To this end, the El Paso HFC is dedicated to promoting local homeownership and housing opportunity. The HFC is governed by a board of directors appointed by the Mayor and City Council and has an executive director who manages its operations. The HFC achieves its purpose primarily by issuing tax-exempt mortgage revenue bonds which make mortgage loans available to qualified borrowers at favorable rates to encourage homeownership in El Paso. The program functions through lenders in the City.
The El Paso HFC also has the ability to issue bonds for the financing of multifamily projects.
In addition to loans at a favorable rate, the HFC’s current program provides incentives for first-time homeowners and for residential revitalization in certain areas of the City. These incentives can take the form of a down payment and closing cost assistance.
Residents are required to meet income guidelines of $46,807 or less for one occupant and $50,300 or less for two-person occupancy. For leasing information contact the property manager at (915) 373-6210.
El Paso Housing Finance CorporationExecutive Director: Elizabeth MoyaP.O. BOX 1648, El Paso, TX 79949(915) 228-9336MoyaE@elpasotexas.gov
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GRANTS UP TO 5% OF PRINCIPAL LOAN AMOUNT TO HELP BUY A HOME WITHIN EL PASO CITY LIMITS:
*Rates are updated daily. Please call Lender for current rate info or stop by their office today:GECU, 915-774-6081, 7227 Viscount, El Paso, TX 79925
Buying a home can be affordable thanks to a partnership between the El Paso Housing Finance Corporation and local home mortgage lenders. Homebuyers in the El Paso program area have a chance to own a home of their own with a down payment and/or closing cost assistance. Here are the details, but you should go directly to one of the participating lenders to apply. You do not have to come to City Hall to apply.
Requirement: Mortgage loans must be made available to first-time homebuyers (defined as having no ownership in the previous 3 years). No first-time homebuyer requirement for targeted area loans or qualified veteran.Recapture Tax: Borrowers may be subject to a federal recapture tax if the home is sold within 9 years of the mortgage loan closing.
Purchase Price LimitsNew or Existing ResidencesNon-Targeted: $250,200Targeted: $305,800
Income LimitsNon-Targeted: $69,115Targeted: $84,140