Managers of the 2008 Home Investment Partnerships Program began accepting applications Tuesday from locals interested in the first-time homebuyer program.

Details of the plan were shared with about 15 people who attended a public hearing by the Warren County Board of Supervisors, who were awarded a $250,000 share of $7.2 million available to Mississippi cities and counties from the U.S. Department of Housing and Urban Development.

In Warren County, $28,750 in down-payment assistance will be split among eight families or individuals who qualify under program rules. Applicants must not make more than 80 percent of the county’s median income, based on family size, and must be deemed credit-worthy for initial mortgages of up to $106,250. Completion of eight hours of homebuyer education classes is also a requirement.

An individual can earn up to $29,250, while earners in a family of four can make up to $41,750.

Once approved by a lender, successful applicants will be placed in existing homes, which, if inside the city limits, will remain subject to municipal building and inspection codes.

Terms also stipulate homebuyers must stay in the home 10 years to avoid paying back any portion of the grants.

Jackson-based Rayburn & Associates will act in consulting and administrative roles locally. Vicksburg-based We Care Community Center is to act as developer and selection committee and provide required courses to applicants. 

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Contact Danny Barrett Jr. at dbarrett@vicksburgpost.com