Program generates $41 Million in home sales - WLOX.com - The News for South Mississippi

Program generates $41 Million in home sales

BILOXI, MS (WLOX) -

By David Elliott – bio | email

BILOXI, MS (WLOX) - In 2009, a combination of federal Katrina recovery funds and money from the private sector gave birth to the My Home My Coast program. The program is run by the Gulf Coast Renaissance Corporation.

"During the past year, 325 closings have been made possible through the program, generating $41 million in real estate business," said Renaissance Corp. President & CEO Kimberly LaRosa.

LaRosa said the program has also created in economic stimulus for the community.

"About $4 million has gone to everything from real estate commissions to non-profit counseling agencies."

My Home My Coast received $50 million in Community Development Block Grant money along with $40 million from local lenders. Forty to fifty percent of the money for a home purchase comes from the private sector.

"We step in with a second mortgage at zero percent. We provide a down payment, closing costs and counseling," LaRosa said.

There is enough money left in the program's fund to help more than 200 South Mississippi families find affordable housing. But the program is currently not accepting applications. Visit www.msgcrc.com to learn more about the Gulf Coast Renaissance Corporation.

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