HAPPI  PROGRAM

(Home Buyers Assistance Program Participation Initiative) 

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 “neighborhoods”)
 

Key Benefits

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:

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 percentage of 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 Standards.

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.