Home Program
Down Payment Assistance Program
The purpose of the down payment assistance program is to provide
an opportunity to make housing more affordable by providing
first time, low-income home buyers with down payment loans.
Loans of up to $15,000
are provided to households with incomes up to 60% of housing
area median family income; up to $12,000 for those households
with incomes above
60% and up to 70% of area median family income; and up to
$9,000 for those households with incomes above 70% and up
to 80% of area median
family income. All loans bear a 0% interest on the principal
amount and are due on sale of the property or after the first
lien is paid (usually
30 years). If the home buyer should decide to refinance the
existing loan, the City of Laredo will subordinate its 2nd
lien provided the structure
of the loan remains the same. There are no pre-payment penalties.
For more information on Down payment Assistance, including eligibility information, click here.
Tenant-Based Rental Assistance
The City of Laredo, as funded through the HOME Investment Partnerships Program provides Tenant-Based Rental Assistance (TBRA) to qualifying low income elderly residents of the downtown area. TBRA is a rental subsidy that helps maintain the affordability of rental units occupied by elderly persons of low income. Approximately 100 persons are assisted each year.
