San Antonio News: New Grant Program & Predictions for Texas’ Economy

Today we bring you local San Antonio Real Estate News. And it’s great news, everyone! First, do you need help with a down payment for a home? Look no further! In the next 60 to 90 days, Wells Fargo is bringing its NeighborhoodLIFT program to San Antonio. The program provides $15,000 to 280 low-income grant-winners looking to buy a home in San Antonio.  And even, better, they don’t have to pay back the money if they remain in their new home for at least five years (and avoid using Wells Fargo as their lender)!

Does it sound too good to be true? It’s not considering the overall goal of the program: to increase home ownership in San Antonio. Wells Fargo’s program spans across the United States including major cities in Texas.  The organization has joined hands with the City of San Antonio, NeighborWorks America, and Alamo Community Group to supply $6 million in funding for the grant program. Alamo Community Group is responsible for delivering the funds to grant-winners.

So, once a person applies for a grant, what happens? Alamo Community Group representative Michael Shackelford explains that once a homebuyer qualifies for the grant, they are placed under contract and have a 60-day timeframe to find a home within San Antonio for which to use the down payment. If the person does not meet that timeframe or fails to use the money, the grant is given to another person on the waiting list. The grant may also be used with homeowner assistance grants awarded by the state or city.

To learn more about grant requirements, visit Alamo Community Group’s website.

In other news, Texas Comptroller Glenn Hegar estimates Texas will have about $113 billion in general revenue. He believes this will bring forth slow but moderate economic growth over the next two years. Even though the state has bounced back quicker than other states in terms of job and employment progress, growth in production has slowed for 6.8% in 2012 to 3.7% in 2014. Hegar estimates FY 2016’s numbers to come in below the 3.5% average of the last twenty years. Hegar also adds that the waffling price of oil and gas has added some additional stress to the budget and has slowed economic growth. However, revenue has still increased 9.5% over the last two years.

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