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TAHLEQUAH, OK - The Housing Authority of the Cherokee Nation (HACN) is announcing a Mortgage Assistance Program Initiative throughout the 14-county jurisdictional area of the Cherokee Nation that will assist at least 120 families to achieve homeownership.

"The Cherokee Nation and the Housing Authority place a high priority on helping Cherokees receive afford housing," said Cherokee Nation Principal Chief Chad Smith. "This initiative is one of the creative ways that the Housing Authority has found to assist middle income Cherokee families with their housing needs."

A formal announcement and program descriptions will be released in a public forum from 1 - 3 p.m., Wednesday, October 25, at the Gregg Glass Community Building, located at 120 McSpadden Court, Tahlequah, Oklahoma.

Smith will be in attendance to give opening remarks. In addition, several agencies such as HUD, Fannie Mae, and USDA have also been invited to participate and give remarks. HACN Loan Officers will be present to assist with applications and answer questions.

The HACN has developed Loan Programs as a means to provide acquisition of homes, new construction of homes, and acquisition with rehab of homes, plus down payment and closing cost assistance. These programs will provide eligible Cherokee families within the 14-county jurisdictional area affordable housing and the opportunity to become homeowners.

The two programs ready for applicants includes the Mortgage Assistance Program (MAP) and the Mortgage Buy Down Loan Program.

The MAP will provide funds to families for the use as down payments and closing costs for new construction or acquisition of single-family residential homes.

The maximum down payment and closing cost loan for the MAP amounts shall not exceed $7,000.

The Mortgage Buy Down Loan Program provides for Cherokees to enter into a Mortgage Buy Down agreement for the residential acquisition (purchase), new construction, acquisition (purchase) with rehabilitation of a home.

The Housing Authority of the Cherokee Nation will pay up to 30% of the purchase price plus closing cost involved in obtaining property, depending upon families income.

To obtain an application or for more information regarding Mortgage Assistance Program Initiatives, please contact the Housing Authority of the Cherokee Nation Loan Office at (918) 453-2952.