FAQ
INTERESTED IN BUYING A HOME...
1. Who can buy a Jericho Road home?
2. How do I know if I can afford to buy a house?
THE COMMUNITY...
3. Are the homes being built In Orleans parish only?
4. Are these homes located In specific areas or scattered areas? Where?
HOMEBUYER INFO...
5. What is the process for qualification?
6. How long does the process take?
7. Are there any costs involved?
8. Is Jericho Road pre-selling homes?
9. Will I need to get a mortgage?
10. Is there financial assistance of any kind?
11. What is a soft second mortgage?
12. Does a homebuyer need a realtor?
THE HOMES...
13. What is the price range of the homes?
14. What Is the home size (Bedrooms, Baths, Etc.)?
ABOUT US...
15. How is Jericho Road funded?
16. What are Jericho Road’s goals?
17. Where are the Jericho Road offices?
VOLUNTEERING...
18. How can I volunteer?
DONATIONS...
19. How do I donate to Jericho Road?
1. Who can buy a Jericho Road Home?
Any individual or family, whose household income is 80% or below “Area Median Income” AMI, is allowed the opportunity to purchase a Jericho Road Home. For example – a family or household of 4 persons can earn no more than $45,600.
Jericho Road has also recently developed an “Essential Worker Program”. This program was established in an attempt to help first responders, nurses and teachers to find a solid home at a good price. Thus a portion of Jericho Road Homes can be purchased by essential workers whose income is between 80% and 115% of AMI. As an example, a family of four with an essential worker could earn no more than $65,550.
Regardless of which program is used every purchaser must also:
• obtain their own home mortgage
• complete a certified Orleans Parish certified homebuyer training program.
• live in the home as their primary residence
2. How do I know if I can afford to buy a house?
You will be guided by a reliable counselor from one of Jericho Road’s fine community partners. They will explain the home buying process to you and after reviewing your credit history and your current employment status will help you understand the price range of home you may purchase.
3. Are the homes being built in Orleans Parish only?
Yes, Our focus is a portion of the Central City neighborhood right now. (Bordered by St. Charles Avenue, Claiborne Avenue, Louisiana Avenue and Jackson Avenue.)
4. Are these homes located in specific areas or scattered areas? Where?
Jericho Road has identified three clusters of properties within the Central City neighborhood. These three clusters surround the following intersections: Freret and Philip Streets, South Saratoga and Sixth Streets, and Dryades and First Streets.
5. What is the price range of the homes?
Our current homes range in price from $115,000 - $129,000.
6. What is the home size (bedrooms, baths, etc.)?
The homes all have two bathrooms, central air, all appliances, including laundry, alarm system. The houses themselves range in size from 1100 – 1420 square feet - some 3 bedrooms and others 4 bedrooms. Smaller one and two bedroom homes can also be custom built for lower cost.
7. What is the process for qualification?
Contact Jericho Road at (504) 895-6763 to discuss the program and to learn about the next steps. You will be directed to one of our fine non-profit community partners who are skilled at credit counseling and home buyer training. We will track your process and Jericho Road is always available to answer questions at any stage of the process.
8. How long does the process take?
The timeline will be different for each individual applicant. Some folks will be ready to purchase and others will be help ‘cleaning up’ their credit.
9. Are there any costs involved?
Both the home buyer training classes and the credit score reports cost approximately $20 to $30 each.
10. Is Jericho Road pre-selling homes?
Yes, the number available depends on the number of lots Jericho Road owns at any given time.
11. Will I need to get a mortgage?
Yes. After taking a home buyer training class each applicant will need to apply for a mortgage or loan to purchase the house.
12. Is there financial assistance of any kind?
Yes, assistance is available in the form of a Soft Second Mortgage if help is needed to fill a gap that may exist between the amount a homebuyer may be pre-qualified for and the price of the home.
13. What is a soft second mortgage?
A ‘soft second’ is a term used to describe a second mortgage used within the affordable home process. These soft seconds are usually offered my government agencies or non profits. They are designed to fill the ‘gap’ between the value of a regular mortgage that an applicant can qualify for loan and the actual cost of the house. Thus for example if after taking a home buyer training class an applicant is able to qualify for a mortgage of $100,000 but wishes to buy a Jericho Road house which costs $125,000 – there is a ‘gap’ of $25,000. The soft second mortgage, which no interest is charged, may be obtained to cover the needed $25,000. Jericho Road will help applicants obtain these soft second mortgages if when they are available.
14. Does a homebuyer need a realtor?
Jericho Road does not require a homebuyer have a realtor but it is suggested. Jericho Road has a realtor and she is able to represent both the seller (Jericho Road) and the buyer/applicant. This is called dual representation.
15. How is Jericho Road funded?
Jericho Road Episcopal Housing Initiative is funded through a grant from Episcopal Relief and Development based in New York City. Jericho Road is a partnership between the Episcopal Diocese of Louisiana and Episcopal Relief and Development.
16. What are Jericho Road’s goals?
Jericho Road’s goal is to bring the American Dream of homeownership to working folks of New Orleans. Wealth accumulation through homeownership is a powerful tool to personal and community empowerment.
17. Where are the Jericho Road offices?
Jericho Road’s offices are located at 1631 7th Street in New Orleans, LA. Jericho Road’s mailing address is 1623 7th Street, New Orleans, LA 70115.
18. How can I volunteer?
Contact volunteer coordinator Holly Heine at hollyheine@jerichohousing.org
19. How do I donate to Jericho Road?
Use our easy PayPal button – Just click to donate today.
Or contact Dana Land, Director of Development for the Episcopal Diocese of Louisiana via email: dland@edola.org or phone: (225) 706-6634
