Plano Housing Rehabilitation Program is a program that provides financial assistance to rehabilitate single-family homes. Property must be located in the city of Plano.
Eligibility Requirements
The following eligibility requirements must be met:
- All applicants must be Income eligible
- The title of the property must be in the name of the applicant(s)
- Mortgage payment, property taxes and homeowner’s insurance must be current
- Not be delinquent on any federal debts
- Be a permanent legal resident or United States citizen
- Occupy the property as a primary residence
- All qualified retirement plans, other non-retirement accounts and financial assets must not exceed $150,000, liquid asset cannot exceed $75,000
- Property must be located in Plano
- Meet other underwriting parameters per program requirements
Program Income Limits
| Family Size | Income Limit |
|---|---|
| 1-person | $54,550 |
| 2-person | $62,350 |
| 3-person | $70,150 |
| 4-person | $77,900 |
| 5-person | $84,150 |
| 6-person | $90,400 |
| 7-person | $96,600 |
| 8-person | $102,850 |
Underwriting Process
Approval for the assistance hinges on several factors that include, but are not limited to:
- The property’s county appraised value not to exceed $451,605
- The household’s financial situation, credit worthiness and existing debt
- The property’s value, required improvements and existing liens
Resource:
Housing Rehabilitation Program