The Mueller affordable program is designed to make home buyers have a choice of getting a budget friendly house. The said homes are generally reserved for families who are earning 80 percent of the median family income in Austin.
Recently, the Travis Central Appraisal District (TCAD) has reached an agreement with the owners of three affordable home developers in Mueller who sued the district claiming their appraisals were too high due to them not being allowed to sell their homes at a market value. This is affecting the homeowners who are worried that they might have to sell their homes because they will not be able to afford to pay the taxes under the increased appraisals.
Because the Mueller Foundation sold some homes at the market rate instead of at an affordable rate, TCAD raised appraisals for all homes after a certain period of time to the market rate. However, the Mueller Foundation has now agreed to keep all of the affordable housing units to be at an affordable rate if the homeowners will agree.
Both the Mueller Foundation and TCAD agreed to allow the continuation of the Mueller program which guarantees that 25% of the home developers in Mueller will be maintained at affordable prices. Under the program's basic terms, homeowners in the program will be eligible for Foundation-subsidized housing prices. Should they choose to sell the homes, under the Foundation's first-refusal purchase option they will only receive annual 2% in equity over the original purchase price.
The Mueller Foundation has entered into a memorandum of understanding with TCAD in order to reach a settlement and they are now rewriting the agreements it has with the residents living in Mueller's affordable housing.
Now that both parties have done legal actions, their Memorandum of Agreement states that the Foundation will issue new purchase option agreements that more precisely define sale restrictions, and there will be stricter restrictions on the number of homes the Foundation can release from the program for market-value sales.
Should you wish to learn more about the Muller Affordable Program, read more here.
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