REACH Mississippi Program - Employer Assisted Housing Down Payment Assistance Program - coming soon

REACH Mississippi is part of the Gulf Coast Renaissance Corporation's comprehensive framework to address impediments to the rebuilding process by providing gap financing directly to individuals or families that make up the work force of South Mississippi.

HOW THE PROGRAM WORKS (as of July 23,2008)

The Team at Gulf Coast Renaissance Corporation assist employers in setting up a Employer Assisted Housing Program (EAH). An EAH will benefit employers by reducing turnover, reducing recruitment and retention costs, increasing employee homeownership, thereby providing workforce stability. Although the final maximum contributions are still being worked out, the first version of the plan showed examples of Employers contributing up to $7,500 to the employee for Down Payment and Closing Cost Assistance. Early versions, showed the REACH Mississippi funds matching the employers contribution 3 times the employers EAH. The EAH & REACH funds will be a second mortgage on the home, forgivable after a period of time that is still being determined. Further, the employee and their household income must not exceed 120% of the Area Median Income (AMI). The employee must qualify for a full documentation mortgage loan and obtain homeownership counselling from an approved provider. The amount of the funds will be limited and subject to availability at the time the request is received. My understanding is that this program will only be available to homebuyers in Hancock, Harrison and Jackson Counties.

For Example:

Employer EAH benefit = $7500

REACH Match = $22,500

Total down payment and closing cost assistance = $30,000

So far, First Bank and Trust of Mississippi is the only lender to close the first 2 test cases. First Bank and Trust of Mississippi is on the approved list to offer these loans, once they are officially available. Up-to-date information regarding this program can be found at www.msgcrc.org

If you are an employer looking to add this benefit to your employees, contact Camille Schaffer, REACH program director at 228-896-3386 or via email at reach@msgcrc.com

For any other Down Payment Assistance Questions or programs available to Mississippians, for example the MS Home Corps Bond Program, please contact:

Molly Lionberger, Assistant Vice President

First Bank and Trust of Mississippi

Office: 228-872-1020 Cell: 228-257-9000