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<p style="font-weight:bold; display: inline; line-height:150%; font-size: 105%;">CITY OF COLUMBIA, MISSOURI<br />P.O. BOX 6015 COLUMBIA, MO 65205</p></div>
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<h2 style="font-size: 200%;">FOR IMMEDIATE RELEASE</h2>
<p style="font-size: 120%; margin-top: -5px; font-weight:bold;">January 23, 2018</p>
<p style="float:right; font-weight:bold; margin-bottom: 75px; font-size: 120%; text-align:right;">CONTACT: Randy Cole
<br />City of Columbia Community Development Department
<br />Housing Programs Supervisor
<br />573-874-6321</p>
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<div style="font-size: 110%; line-height:200%;"><h3 style="clear:both; margin-top: 75px; margin-bottom: 10px; font-weight: bold; font-size: 170%;">New partnership formed to assist low-income homebuyers in Columbia</h3>
<div class="content"><span style="padding-left: 50px;">(COLUMBIA, MO)</span> - A new partnership will provide down payment assistance coupled with free financial education to help make the dream of homeownership a reality for low- to moderate-income homebuyers in Columbia. The new partnership, formed by the <a href="https://www.como.gov/community-development/neighborhoods/federal-housing-programs-cdbg-and-home/community-land-trust-inc/" target="_blank">Columbia Community Land Trust (CCLT)</a>, <a href="https://www.como.gov/community-development/" target="_blank">City of Columbia Community Development Department</a> and <a href="https://www.veteransunited.com/" target="_blank">Veterans United Home Loans</a>, will expand services provided through the CCLT and City of Columbia Down Payment Assistance Program. <br /><br />"This partnership will expand the CCLT and the city's capacity to increase access to homeownership for families that would not otherwise have that op
portunity," CCLT Board President Jerry Dowell said.<br /><br />The City of Columbia Community Development Department has provided homebuyer education and down payment assistance totaling nearly $5 million to more than 1,500 households over the past 10 years. The program is federally-funded. In order to qualify, participants must have an income that is 80 percent below the median income level, meet the minimum credit score requirement and satisfy loan underwriting requirements. Each year there are households that cannot access the City's Homeownership Program due to barriers in their credit reports. This partnership will assist those households by providing the education needed to strengthen their credit portfolios to put them on the path to homeownership. <br /><br />Veterans United's Lighthouse program will offer financial education classes as part of the partnership. <br /><br />The CCLT was started by the City of Columbia responding to the lack of afforda
ble housing opportunities and the need to protect public and private investments in affordable housing. It is an independent non-profit corporation with the mission of creating and stewarding permanently affordable housing. Most CCLT homes feature net-zero energy design with solar panels, additional insulation, Universal Design features, garages and durable exterior construction materials. The homes often sell for up to $50,000 below market value, which opens up high-quality housing options for families that otherwise would not have that opportunity. At the time of resale, homeowners keep only equity and 25 percent of appreciation to ensure the homes remain affordable for future program participants. <br /><br />Homeownership Assistance Program requirements can be found here: <a href="https://www.como.gov/community-development/neighborhoods/federal-housing-programs-cdbg-and-home/housing-programs/homeownership-assistance-program" target="_blank">https://www.como.gov/com
munity-development/neighborhoods/federal-housing-programs-cdbg-and-home/housing-programs/homeownership-assistance-program</a><br /><br />For more information, contact City of Columbia Housing Programs Supervisor Randy Cole at 573-874-6321. Citizens interested in applying for the Homeownership Assistance Program can contact Housing Specialist Gary Anspach at 573-874-7288.</div>
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<p style="text-align:center;">-30-</p>
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