Two Houses for Sale by the University District Development Corporation

The University District Development Corporation (UDDC) has just
completed the substantial rehabilitation of two homes.

Both homes are directly across the street from Franklin Elementary
School and are part of the UDDC's Harrison Street Revitalization
Initiative. The initiative includes but is not limited to
rehabilitation of existing homes and new home construction, along with
street infrastructure improvements that will result in new sidewalks
in coming months. Franklin Elementary is a UALR Children's
International and Promise Neighborhood school.

The homes were rehabilitated under the UDDC's Affordable Housing
Program and are for sale to first-time home buyers who must also meet
income guidelines. A first-time is someone who has not owned a home
within the last three years with a few exceptions. Program income
guidelines stipulate that a one person income household cannot have
annual income exceeding $34,900. The income limits are adjusted for
household size and go up to $49,850 for a family of four.

Interested individuals must qualify for a mortgage through a lending
institution. The UDDC works with several lenders that offer mortgage
products designed for our first-time home buyer program. Additionally,
the UDDC can provide up to a $20,000 subsidy to potential homeowners
that qualify. The subsidy can be used towards down payment and closing
cost. The funds can also be used to reduce the purchase price of the
home.

For more information visit www.uddclittlerock.org, contact me 683-7361
or blallen@ualr.edu.