HP Homes - 502 Mortgage Program

As certified packagers with the U S Department of Agriculture, the Highway Park Neighborhood Council created Hicoria Pines Homes in order to manage and maintain our affordable housing program. The USDA program, also known as the Section 502 Direct Loan Program, program helps low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income. Our program focuses on US Census Tract areas in Highlands County that are 22% of the poverty level or above. We support first time home buyers in rural areas to achieve the American Dream of homeownership which helps to move families out of generational poverty.

In addition, the program includes Mutual Self-Help Housing
What does this program do?
Also known as the Section 523 Mutual Self-Help Program, this program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.

•Families are placed in groups and assist with the construction of their home.

Single Family Housing Repair Loans & Grants
What does this program do?

Also known as the Section 504 Home Repair program, this provides loans to very-low-income homeowners to repair, improve or modernize their homes or grants to elderly very-low-income homeowners to remove health and safety hazards.

The agency does not charge for these services and receive only a small stipend of $1500 after each home closes which average six to 10 months. All administrative costs are absorbed by the Highway Park Neighborhood Council.