May
18
Mueller Affordable Homes - Get Notified When They’re Available
Posted by Garreth Wilcock under For Buyers, Marketing Reports, Mueller, New Homes, First Time Homebuyers, Urban Living
The Affordable Program at the old airport development in Austin provides a shared equity program to qualifying home buyers.
There are no affordable homes available right now, so you can’t take advantage of the $8,000 first time home buyer tax credit in conjunction with the affordable program?
Who qualifies for the Mueller Affordable program? Families who earn below 80% of the Austin area median family income. This has been updated in 2009, so 80% of the median family income for a 2 person household was $45,500 in 2008 it is $46,900 in 2009.
Who qualifies for the $8,000 Tax Credit? First time homebuyers earning less than $150,000 if married and filing jointly.
So can I get an affordable home at Mueller and an $8,000 tax credit? In theory, it’s perfectly allowable to take the $8,000 tax credit in conjunction with the Mueller affordable program. In practice, there’s a hitch.
The tax credit is only applicable to homes purchased before December 1st 2009, and right now, there are no affordable homes available. That will change if an existing homeowner wants to sell their home back to the Mueller foundation and it becomes available back on the affordable resale market.
The builders don’t have any new affordable homes under construction at this point, and there are none available.
If you would like to keep informed when new affordable homes become available, send me an email and I’ll let you know as more are about to be built, or as resale homes become available.
What alternatives are there to the Mueller Affordable Program? The City of Austin has a downpayment assistance scheme. One of the City’s options is a shared equity model very similar to the affordable program at Meuller, though is not limited to homes at Mueller. You could buy a qualifying resale home anywhere within the City Limits and get the City to pay your downpayment up to $40,000.
Garreth Wilcock is a Mueller Resident and Realtor® and represents buyers of any homes at Mueller, and helps buyers with the City’s downpayment assistance program.
Previous post - 
BACK TO ALL POSTS
Next post - 
COMMENTS (2)
The market is rife with assistance programs just now to spur buying. That combined with the increase in units available is putting the brakes on downward trends in market. Assistance programs are another factor spurring new home buyers to take advantage of affordable pricing and decrease available home inventory. The key thing is being aware of the terms and conditions, as well as of what programs are available in what areas. May 19, 2009 at 1:44 pm
Thanks Joseph. There are certainly programs in Austin, and there has always been the 100% financing with USDA for more rural properties (and rural includes Pflugerville!) May 20, 2009 at 8:08 am