CIty Announces that Highly Successful “Soft Second” Mortage Homebuyer Assistance Initiative is Nearly Complete

NEW ORLEANS, LA – June 23, 2014 – (RealEstateRama) — Today, Mayor Mitch Landrieu announced that the City of New Orleans’ $52.3 million “soft second” mortgage homebuyer assistance initiative has now issued over 700 commitments to first time homebuyers representing over $40 million in purchase assistance and closing cost assistance. In total, through the Direct Homebuyer Assistance Program 640 home purchases by first time homebuyers have been completed through the success of the City’s soft second mortgage program. The goal of this initiative’s Direct Homebuyer Assistance Program is to strategically promote homeownership opportunities for low and moderate income persons and families who are buying their first homes. The City’s Office of Community Development directs this program by providing hundreds of New Orleans families an opportunity to become first-time homebuyers.