(Home Buyers Assistance Program
The Homebuyer’s Assistance Program Participation Initiative (“HAPPI”) is
designed to provide assistance through approved private lenders to assist first
time homebuyers whose income thresholds are 80% or below the median income level
as determined by HUD for the City of Shreveport.
The program will assist with down payments, rate buy-down assistance and
principal reduction, and closing costs for qualified home buyers who purchase
existing properties or newly constructed homes in one of the sixteen(19)
Targeted Neighborhoods or three (3) specified Transitional
Neighborhoods, Highland, Sunset Acres, and Cherokee Park, as determined by HUD
for the City of Shreveport. (Get a specific map at (to be done) Go to
Down payment, buy down and closing cost
assistance are available through participating local lenders in partnership with
the City of Shreveport. The down payment, buy down and closing cost assistance
is designed to assist First Time Homebuyers who have:
- completion of an approved homebuyer education class.
- not owned a home or held title to a property for three
(3) years or longer.
- for persons 80% or below the
area median income as determined by HUD.
- maximum amount of assistance is up to 20% of the sales
price of the property or appraised value whichever is lesser, depending on
area median income.
Other incentives are available to applicants purchasing in designated
homeownership zones approved by Community Development.
Homebuyer Education providers must have non-profit status and/or be
designated as a HUD Counseling Agency. Applicant and Co-Applicant must complete
Homebuyer Education classes.
Applicants must credit qualify with one of the
City's HAPPI approved lenders. All lenders must be HUD approved for
business in the Shreveport area.
Properties eligible for HUD mortgage insurance or a specific mortgage
insurance program must meet minimum property standards. All other assisted
housing not eligible for HUD mortgage insurance must meet Housing Quality
No HUD, VA, repossessed properties or manufactured housing
will be eligible for assistance.
Certain restrictions apply to all
applicants receiving HAPPI Funds.
The focus of
the HAPPI program is to encourage the purchase of safe, decent, affordable
housing for Shreveport residents thereby stabilizing and preserving
neighborhoods within the corporate city limits.