Affordable Housing
Belle Rivers
LOU-HOME’s mission is to “collaborate with governments, businesses, organizations and citizens to increase the availability and affordability of quality places to live within the Lafayette-Oxford-University (LOU) community and throughout Mississippi, to provide support and encouragement for successful ownership and occupancy, to advocate for affordable housing and educate the public as to the need.”
To that end, we have worked with local government and developers in Lafayette County to develop a modern affordable housing neighborhood in our community: Belle Rivers. These 1,400-square-foot, 3 bedroom, 2 bath townhomes are available to residents who earn no more than 60% of the area median income. After 15 years — approximately summer 2034 — the homes will be sold at an affordable price. Those with leases at the time of sale will have the first option to purchase the home with rent paid to date subtracted from the asking price.
Eastover & Owens Place
The Eastover and Owens Place neighborhoods were developed independently by our for-profit partners in Belle Rivers. Owens Place is adjacent to Belle Rivers and Eastover is a short distance away. Both offer affordable housing on essentially the same terms as Belle Rivers.
To learn more about each development and get contact information follow the links on this page.
Frequently Asked Questions About Belle Rivers
In what school district is Belle Rivers?
It is in the Oxford School District.
Who will be eligible to buy the homes at the end of the 15 years?
Those with leases at the time of sale will have the first option to purchase the home with rent paid to date subtracted from the asking price. If the current tenant decides not to buy, LOU-HOME could acquire the properties with the right of first refusal. However, there are no restrictions on who would be eligible to buy.
Will the rent increase yearly?
Rents are expected to increase as the cost of doing business in Oxford increases. The rent increases are built into the tax credit housing program to ensure the financial stability and quality of the property. LOU-HOME, Inc. will strive to maintain open communication so that changes can be anticipated.
What happens if a renter’s income increases over the 60% limit?
Those who establish eligibility will not lose that status because of increases in income.
What is the program using to determine eligibility, Area Median Income (AMI) or Median Family Income (MFI)?
The eligibility tables are based on the area’s Median Family Income that is calculated and published annually by the U.S. Department of Housing and Urban Development.
Are the Median Family Income calculations modified yearly?
Yes. Income calculations are calculated using data from the United States Census and from the HUD; they normally update to remain accurate.