According to a 2003 study on affordable housing conducted by Admark Resources, Inc., the median listing price for a single-family home in the St. Cloud metro area was $169,583, making an assistance program necessary for these families. The program, which will be managed by HRA, helps families purchase homes at a cost that in many cases will be lower than the current rents they are paying.
Eligible families will be required to reside in the city of St. Cloud and have an income that is at or below 80% of the median gross income for a family of the same size. Each qualified buyer is eligible for a minimum loan of $2,000 and a maximum of $10,000 that will go toward a down payment.
ING Direct has more than 1.5 million customers and more than $25 billion in assets in the US.
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