What do you know about affordable housing in Texas?

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A small model of a house is cupped by pair of hands.

07/06/2015 | Author: Editorial Staff

Is it hard to find affordable housing in your community? Sixty percent of Americans say housing affordability is a serious problem, according to the MacArthur Foundation’s How Housing Matters survey.

Part of the issue may be that homebuyers aren’t familiar with affordable-housing terms and homebuyer-assistance programs. The questions below can help prepare you to educate these homebuyers.

1. The U.S. Department of Housing and Urban Development (HUD) says that, in general, housing is considered affordable if it does not exceed ___% of a family’s annual income.

a. 20%
b. 30%
c. 40%
d. 50%

2. True or false? Texas homebuyers cannot combine benefits from multiple assistance programs.

3. Which of the following is considered a nontraditional credit source that can help determine whether a borrower has a sufficient credit history?

a. Rental payments
b. Utility payments
c. Cellphone payments
d. All of the above

4. True or false? Texas offers homebuyer-assistance programs for veterans, teachers, fire fighters, and police officers.

Get the answers
1. b. Some jurisdictions may define affordable housing based on other, locally determined criteria. Read this and other terms in HUD’s online glossary.
2. False. Many Texas State Affordable Housing Corporation (TSHAC) programs can be combined.
3. d. Learn more about nontraditional credit sources at hud.gov.
4. True. Click here to check out TSHAC’s Homes for Texas Heroes and Home Sweet Texas Home loan programs.

Categories: Buyers, Renters
Tags: affordable housing, housing initiatives, tsahc, hud


Comments

Bonnie Wilson on 07/30/2015

I got them all correct!

Rick DeVoss on 07/09/2015

Many of us who read these blogs and stay educated with MCE got all of the 4 questions right.  I’m not sure what you were so proud of…

But let’s spell it correctly:  Home Buyer Assistance Program.

sharmane Ingram on 07/09/2015

I got them all right! I have worked with several home buyer assistant programs.

Rick DeVoss on 07/09/2015

That was a short quiz… but I wonder how many agents got them all right…?

Jordan on 07/07/2015

Fun quiz here! Definitely makes you realize what you need to keep track of when it comes to housing! Thanks for sharing.


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