Often moderate/low income households do not earn enough income to obtain a sufficient mortgage to purchase a home.
Frequently there are credit issues or employment stability issues that stand in the way of securing that needed home mortgage.
A common barrier to homeownership is not having enough money saved for the down payment and closing costs.
The EVERGREEN program assists households with one-on-one counseling and up to $40,000 in the form of a second mortgage which is interest free and requires no monthly payments. This enables the montly mortgage payment to be affordable since the payment is based on income.
The down payment and closing costs required in traditional home buying transactions is greatly reduced. The HCT EVERGREEN program requires a down payment of only $1,000. The remaining closing costs are covered by funding from the City of Tacoma (except for approximately $350 for homeowners insurance).
To be eligible to purchase a home in the EVERGREEN program, households must have incomes below the 80% AMI (Area Mean Income) for Pierce County adjusted for family size (please see income limit chart) and meet other credit criteria.
For more information regarding specific EVERGREEN Program details please see: