Affordable Homes Program
MLKARC provides single family for sale housing for Low-Moderate Income (LMI) persons in the MLK community. Since 1993, MLKARC has invested over $14 million in HUD HOME Funds to construct 136 single family for sale affordable homes to house over 300 LMI persons. LMI persons with less than perfect credit may be able to participate in the firms Lease with an Option to Purchase program. Participants in the Lease with an Option to Purchase program work with MLKARC staff for up to 36 months to resolve credit deficiencies and establish a minimum of three new trade lines of credit. The programs goal is to have participants mortgage ready within the 36 month timeframe.
The new home features include: Approximately 1,400 square feet of living space, 3 Bedrooms 2 Baths, granite countertops, ceramic tile throughout, alarm & fenced backyard. Eligible LMI applicants can receive a forgivable second mortgage and closing cost assistance up to $20,000 and $2,400 respectively.
Housing, Homeownership and Credit Counseling Services
MLKARC provides housing, homeownership and credit counseling to LMI persons interested in its affordable housing products. MLKARC offers these services to help their LMI clients make better decisions and achieve their homeownership goals. LMI clients receive some counseling over the phone and during office visits. MLKARC firmly believes their clients participation in these programs has contributed to an extremely low number of foreclosures over the decades.