Welcome to the first fACTs newsletter for local partners we work with to administer our Affordable Communities of Texas (ACT) program. This quarterly newsletter will provide you with helpful information, tools, and tips you need to make your program as successful as possible. 

 

Marketing and Selling an ACT Property 

 

Fair Housing

 

Under the terms of any TSAHC ground lease, we require that properties be marketed in compliance with all fair housing laws. This generally means listing the property on MLS to ensure equal access. For more information on fair housing laws, click here.   

 

Brokers and Listings   

  

Because TSAHC is the legal owner of all ACT properties, our staff must sign off on any and all listing agreements. Listing brokers must meet TSAHC guidelines and fill out a Broker Qualification Application. TSAHC will approve the sales price of the home based on market comparisons provided by the broker you select.

 

Taking Applications Before a Property Goes to Market 

 

If a qualified, interested buyer approaches you during rehabilitation or construction of a property, that person may put in an application before a property is up on market.

 

Qualified application are generally approved on a first come, first qualifies basis (which complies with fair housing standards), unless otherwise noted in program guidelines. We can negotiate this on a case-by-case basis, but properties that are complete with rehab and construction must be on the market within 30 days of project completion.

 

Target Your Marketing 

 

TSAHC suggests using targeted marketing when appropriate. This includes talking to the local housing authority, Veterans Affairs center, other nonprofits, or other housing organizations to find a qualified applicant. This complies with fair housing standards as long as the property is also listed on MLS.

 

Income Restrictions 

 

Every TSAHC property has a minimum period where a property may only be sold to a qualified, low income buyer. After that period, TSAHC is required to meet certain income restrictions for the sale of any property we own. Consult your ground lease for more information.  

 

Modify a Listing

 

If a property has been on the market with no interest for 90 days or more, it may be necessary to pull the property from MLS and re-list it so that it shows up as a "new" listing. The price may be lowered, but only with TSAHC's prior approval.  

 

Please send ACT Staff any requests to change or lower the price of a home. Staff will calculate the expenses into a property to determine if the price can be modified. Alternatively, it may be necessary to switch brokers if they are not marketing a property effectively. As a last resort, you may request, in writing, that TSAHC expand the parameters of sale of the property. However, please note that in no case can TSAHC sell a property to an owner-occupant who makes more than 120% adjusted median family income for their county or statewide, whichever is greater.