During its May 9 meeting, City Council passed a resolution to amend the value limits set by the U.S. Department of Housing and Urban Development for its Home Investment Partnerships Program in Plano. That federal program provides funds to local governments to implement housing strategies designed to increase homeownership and housing affordability for low-income residents. The program states the funds cannot be used to assist with the purchase or repair of a home worth more than $285,000, but that limit can be raised.
"[The program] gives them a chance to buy a house here,” said Shanette Eaden, housing and community services manager, during the meeting. “[And] not just a chance to buy a house here but one they can afford, because, remember, they still have to qualify and get a mortgage.”
Council voted unanimously to increase that limit to $418,000, a figure determined by recent real estate data gathered locally, city documents state. Based on data from the Collin County Association of Realtors, the median price of a home sold in Plano during March was $518,000.
In total, Plano will receive and distribute about $1.9 million in federal funds this year to assist low- to moderate-income residents with housing-related costs. More information about Plano housing affordability programs can be found on the city’s website under the Neighborhood Services Department.
