Long-term affordable homeownership: Program design and research findings

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Long-term affordable homeownership: Program design and research findings"

Transcription

1 Long-term affordable homeownership: Program design and research findings Brett Theodos February 12, 2015

2 AN INTRO TO LONG-TERM AFFORDABLE HOMEOWNERSHIP

3 Shared Equity Homeownership: A Quick Intro Allows income-eligible families to purchase homes at below-market prices In return for subsidized purchase, the owner s capital gains from resale are limited, creating a lasting stock of affordable owner-occupied units 3 programmatic models: Community land trusts Resale-restricted, owner-occupied houses or condominiums with affordability covenants (e.g. inclusionary zoning programs) Limited equity cooperatives 3

4 5 resale formula examples San Francisco: set with a formula that indexes sales price to the area median income King County: based on changes to the average of the Seattle metropolitan area s median income and a local real estate index Atlanta (Wildwood): a fixed maximum annual increase in share price for each year Davis CA (Dos Pinos): share prices to increase annually by the prime rate at the beginning of the year Duluth (One Roof Community Housing): sellers retain 30 percent of the market appreciation of the property 4

5 AFFORDABILITY PRESERVATION VS. WEALTH CREATION

6 Importance of wealth creation Homeownership critical to wealth creation for low and moderate-income families Home equity represents fully 60% of low-income households' wealth, dwarfing the value of retirement accounts and financial assets The most important way that households gain equity is by paying down their mortgage Appreciation also plays a role, but in most markets, in most time periods, it is secondary to paying down principal 6

7 Importance of preserving affordability Era of federal fiscal constraints: e.g. HUD's CDBG and HOME programs have been cut in real terms by 2/3 and 1/2, respectively, since their peak Even for local programs like DC's Inclusionary Zoning program or public lands dispositions (which rely on "density bonuses" or discounted land prices in exchange for building low-income units), units produced are still a scarce resource Many more families qualify for, and demand affordable ownership units than the city creates 7

8 2010 SHARED EQUITY STUDY

9 Urban Institute 2010 Study First cross-site shared equity completed by UI in 2010 A Regional Coalition for Housing King County, WA Champlain Housing Trust Burlington, VT Citywide Inclusionary Affordable Housing Program San Francisco, CA Northern Communities Land Trust Duluth, MN Thistle Community Housing Boulder, CO Dos Pinos Housing Cooperative Davis, CA Wildwood Park Towne Houses Atlanta, GA 9

10 Findings: Initial Affordability $600,000 $500,000 $400,000 Median sales price paid by homeowner Median appraised value of homes at sale $300,000 $200,000 $100,000 $0 Boulder Burlington Duluth San Francisco Duluth 10

11 % AMI Findings: Initial Affordability 100% 90% 80% 70% Median income needed at purchase Median income needed at resale 60% 50% 40% 30% 20% 10% 0% Boulder Burlington Davis Duluth King County San Francisco Atlanta 11

12 Findings: Wealth Creation $25,000 Median appreciation realized by seller $20,000 Median total of principal paid on mortgages (not including downpayment) $15,000 $10,000 $5,000 $0 Atlanta Boulder Burlington Davis Duluth San Francisco 12

13 70% 60% 50% Findings: Wealth Creation Program IRR 10-year Treasury Bonds IRR S&P 500 Index Fund IRR 40% 30% 20% 10% 0% King County Burlington San Francisco Davis Duluth Boulder Atlanta 13

14 Findings: Security of Tenure 16% 14% 12% % High cost loans % High cost loans in surrounding area 10% 8% 6% 4% 2% 0% Burlington San Francisco Duluth Boulder 14

15 Findings: Security of Tenure 9% 8% 7% 6% % Currently seriously delinquent % Currently seriously delinquent in county 5% 4% 3% 2% 1% 0% King County Burlington Davis Duluth Boulder Atlanta 15

16 Findings: Security of Tenure 6% 5% 4% % Currently in foreclosure % Currently in foreclosure in county 3% 2% 1% 0% King County Burlington Davis Duluth Boulder Atlanta 16

17 Findings: Mobility 45% 40% 35% % moved % expected move 30% 25% 20% 15% 10% 5% 0% King County Burlington Davis Duluth Boulder Atlanta 17

18 Findings: Mobility 90% 80% 70% % Moving to owneroccupied, market rate housing 60% 50% 40% 30% 20% 10% 0% Burlington Davis Duluth Boulder 18

19 Key Implications Shared Equity homes largely retain affordability and create wealth, without limiting mobility or creating instability But they must balance competing objectives of affordability preservation and wealth creation while taking into account local dynamics 19

20 Publications Urban Institute cross-site report and seven case-study reports: Summary extract: San Fran Fed magazine: Journal article: Housing Studies: #.UmqlnVMYnKk 20

21 WHAT ABOUT TRADITIONAL HOMEOWNERSHIP SUPPORT AND SUBSIDY RECAPTURE?

22 Traditional Homeownership Support and Subsidy recapture Traditional model is where an owner has no or minimal constraints on profiting, which maximizes wealth creation, but does so at the expense of affordability preservation, as typically all subsidies are lost after a short period (e.g. 5 or 10 years) Subsidy recapture requires that owners repay the subsidies they received to buy the home, but allows them to capture all the home's appreciation 22

23 How many units could $100M support under each model? Imagine $100M for homeownership, e.g. from the Housing Production Trust Fund Assume each home requires $100,000 Assume it takes DC 10 years to deploy the $100M Assuming a rate of moving of 6% (the national average for homeowners) Assume a 5% growth in home prices (reasonable for the District) 23

24 How many units could $100M support under each model? 24

25 How much wealth would be created under each model? Assume buyers put 5 percent down on a $200,000 home Assume home prices rise by 5% annually Assume median incomes increase by 3% annually Annual rate of return for shared equity program would be 21 percent Annual rate of return for subsidy recapture would be 29 percent This calculation only measures return from appreciation, not savings gains through paying down a mortgage 25

SHARED EQUITY HOMEOWNERSHIP EVALUATION: CASE STUDY OF THISTLE COMMUNITY HOUSING

SHARED EQUITY HOMEOWNERSHIP EVALUATION: CASE STUDY OF THISTLE COMMUNITY HOUSING SHARED EQUITY HOMEOWNERSHIP EVALUATION: CASE STUDY OF THISTLE COMMUNITY HOUSING Final Report October 2010 Prepared by: The Urban Institute 2100 M Street, NW Washington, DC 20037 Shared Equity Homeownership

More information

SHARED EQUITY HOMEOWNERSHIP EVALUATION: CASE STUDY OF WILDWOOD PARK TOWNE HOUSES

SHARED EQUITY HOMEOWNERSHIP EVALUATION: CASE STUDY OF WILDWOOD PARK TOWNE HOUSES SHARED EQUITY HOMEOWNERSHIP EVALUATION: CASE STUDY OF WILDWOOD PARK TOWNE HOUSES Final Report October 2010 Prepared by: The Urban Institute 2100 M Street, NW Washington, DC 20037 Shared Equity Homeownership

More information

July 27, 2011. Re: Credit Risk Retention Proposed Rule. To Whom It May Concern:

July 27, 2011. Re: Credit Risk Retention Proposed Rule. To Whom It May Concern: July 27, 2011 Department of the Treasury Office of the Comptroller of the Currency 250 E Street, SW., Mail Stop 2-3 Washington, DC 20219 Docket No. OCC-2011-0002, RIN 1557-AD40 Board of Governors of the

More information

CITY OF TEMPE COMMUNITY DEVELOPMENT DEPARTMENT HOUSING SERVICES DIVISION www.tempe.gov

CITY OF TEMPE COMMUNITY DEVELOPMENT DEPARTMENT HOUSING SERVICES DIVISION www.tempe.gov CITY OF TEMPE COMMUNITY DEVELOPMENT DEPARTMENT AFFORDABLE HOUSING STRATEGY DOCUMENT 1 CITY OF TEMPE COMMUNITY DEVELOPMENT DEPARTMENT HOUSING SERVICES DIVISION www.tempe.gov P.O. BOX 5002 21 E. Sixth Street,

More information

What is a Community Land Trust?

What is a Community Land Trust? What is a Community Land Trust? Community Land Trusts are community-based membership organizations whose missions include permanent stewardship of land for community benefit and perpetual preservation

More information

5. CONSERVATION OF AFFORDABLE UNITS

5. CONSERVATION OF AFFORDABLE UNITS 5. CONSERVATION OF AFFORDABLE UNITS The analysis of the Conservation of Affordable Units section relied primarily on data from the San Benito County Housing and Economic Development Department, San Benito

More information

Prepared by the Fairfax County Department of Housing and Community Development Page 1 of 10

Prepared by the Fairfax County Department of Housing and Community Development Page 1 of 10 Fairfax County Department of Housing and Community Development America s Richest Counties : and Affordable Homeownership Programs March 24, 2008 Overview: Forbes.com, a business and financial news Internet

More information

City of Boulder. City of Boulder Affordable Housing

City of Boulder. City of Boulder Affordable Housing City of Boulder Affordable Housing Presentation For: Planning Board City of Boulder John Pollak, Co-Director Department of Housing & Human Services 303 441-3157 E-mail: PollakJ@ci.boulder.co.us June, 2006

More information

BUYER'S DISCLOSURE STATEMENT

BUYER'S DISCLOSURE STATEMENT Marin County Below Market Rate Home Ownership Program BUYER'S DISCLOSURE STATEMENT Buyer(s): Property Address: Name of Development: Local Jurisdiction: Income Category of Unit: Purchase Price: NOTICE:

More information

Appendix 11: AFFORDABLE HOUSING TERMS & CRITERIA

Appendix 11: AFFORDABLE HOUSING TERMS & CRITERIA Appendix 11: AFFORDABLE HOUSING TERMS & CRITERIA (Provided by the Southampton Housing Authority March 18, 2013) What is Affordable Housing? There are a number of definitions of affordable housing as federal

More information

Delaware Housing Coalition P.O. Box 1633 Dover, DE 19903-1633 (302) 678-2286 FAX (302) 678-8645 www.housingforall.org www.whynimby.

Delaware Housing Coalition P.O. Box 1633 Dover, DE 19903-1633 (302) 678-2286 FAX (302) 678-8645 www.housingforall.org www.whynimby. Delaware Housing Coalition P.O. Box 1633 Dover, DE 19903-1633 (302) 678-2286 FAX (302) 678-8645 www.housingforall.org www.whynimby.org JUNE 1, 2011 David Culver General Manager New Castle County Department

More information

Administration of Affordable Dwelling Units by the Department of Housing and Community Development

Administration of Affordable Dwelling Units by the Department of Housing and Community Development Administration of Affordable Dwelling Units by the Department of Housing and Community Development The mission of the Department of Housing and Community Development (DHCD) is to create and preserve opportunities

More information

THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF LOS ANGELES, CALIFORNIA DATE: DECEMBER 16, 2004 C9 2010 ROBERT R. OVROM, CHIEF EXECUTIVE OFFICER

THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF LOS ANGELES, CALIFORNIA DATE: DECEMBER 16, 2004 C9 2010 ROBERT R. OVROM, CHIEF EXECUTIVE OFFICER THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF LOS ANGELES, CALIFORNIA REVISED Pg. 3 as underlined and Attachment C as underlined, also deleting #10 & 11 M E M O R A N D U M 17 DATE: DECEMBER 16, 2004

More information

Community Development in Practice

Community Development in Practice SPRING 2011 VOLUME 23 NUMBER 1 Federal Reserve Bank of San Francisco Community Development in Practice Including: Prize Linked Savings Accounts for Youth Shared Equity Homeownership Nonprofit Check Cashing

More information

AFFORDABLE HOUSING POLICY Recommended July 23, 2013

AFFORDABLE HOUSING POLICY Recommended July 23, 2013 AFFORDABLE HOUSING POLICY Recommended July 23, 2013 It shall be the policy of Albemarle County to promote a variety of housing choices for residents. Choice shall be defined by type, tenure, and price

More information

- 1 - Neighborhood Stabilization Program Information Summary Sheet

- 1 - Neighborhood Stabilization Program Information Summary Sheet - 1 - Neighborhood Stabilization Program Information Summary Sheet Eligible Uses: Purchase and rehab abandoned or foreclosed homes and residential properties. Establishing financing mechanisms for purchase

More information

Rethinking Home Ownership Policy for Low-Income Families

Rethinking Home Ownership Policy for Low-Income Families Rethinking Home Ownership Policy for Low-Income Families Informing Tenure Choices and Improving Financing Choices and Outcomes J. Michael Collins University of Wisconsin Madison A Home For Everyone 2013:

More information

Delivering on the Promise of Inclusionary Housing:

Delivering on the Promise of Inclusionary Housing: 1 PolicyLink Delivering on the Promise of Inclusionary Housing: Best Practices in Administration and Monitoring by Rick Jacobus I. Delivering on the Promise of Inclusionary Housing Inclusionary housing

More information

Maria Cremer, Acting Director, Community and Planning Development Division, 9AD. Joan S. Hobbs, Regional Inspector General for Audit, Region IX, 9DGA

Maria Cremer, Acting Director, Community and Planning Development Division, 9AD. Joan S. Hobbs, Regional Inspector General for Audit, Region IX, 9DGA Issue Date August 17, 2009 Audit Report Number 2009-LA-1015 TO: Maria Cremer, Acting Director, Community and Planning Development Division, 9AD FROM: Joan S. Hobbs, Regional Inspector General for Audit,

More information

WASHINGTON COUNTY HOMEBUYER ASSISTANCE PROGRAM CONSUMER GUIDELINES FOR HOMEBUYERS

WASHINGTON COUNTY HOMEBUYER ASSISTANCE PROGRAM CONSUMER GUIDELINES FOR HOMEBUYERS WASHINGTON COUNTY HOMEBUYER ASSISTANCE PROGRAM CONSUMER GUIDELINES FOR HOMEBUYERS The U.S. Department of Housing and Urban Development (HUD) has made Community Development Block Grant (CDBG) and Home Investment

More information

Joplin Homebuyer s Assistance Program (J-HAP)

Joplin Homebuyer s Assistance Program (J-HAP) Joplin Homebuyer s Assistance Program (J-HAP) Community Development Block Grant Disaster Recovery (CDBG-DR) Program City of Joplin, Missouri HOMEBUYER ASSISTANCE AGREEMENT THIS AGREEMENT, entered into

More information

DeKalb County First-Time Homebuyers Program. For the Provision of Down Payment Assistance with the use of HOME Investment Partnerships Program funds

DeKalb County First-Time Homebuyers Program. For the Provision of Down Payment Assistance with the use of HOME Investment Partnerships Program funds DeKalb County First-Time Homebuyers Program For the Provision of Down Payment Assistance with the use of HOME Investment Partnerships Program funds First Time Homebuyer Program A. Program Overview: The

More information

Affordable Housing Ownership Program - Q & A

Affordable Housing Ownership Program - Q & A Affordable Housing Ownership Program - Q & A October 2015 If You're Interested in Purchasing an Affordable Home Who may apply for this program? Any person or household who meets the eligibility requirements

More information

FIRST TIME HOMEBUYERS PROGRAM GUIDELINES (for Market Rate Units) Last Revised October 3, 2013

FIRST TIME HOMEBUYERS PROGRAM GUIDELINES (for Market Rate Units) Last Revised October 3, 2013 FIRST TIME HOMEBUYERS PROGRAM GUIDELINES (for Market Rate Units) Last Revised October 3, 2013 I. Applicant Eligibility a. The total household income can be no greater than 120% of area median, adjusted

More information

Housing Affordability Analysis in Support of a Development Impact Fee Study. Town of Fort Mill, South Carolina

Housing Affordability Analysis in Support of a Development Impact Fee Study. Town of Fort Mill, South Carolina Housing Affordability Analysis in Support of a Development Impact Fee Study Town of Fort Mill, South Carolina Final Document February 23, 2015 The South Carolina Development Impact Fee Act (Code of Laws

More information

CITY OF MURFREESBORO AFFORDABLE HOUSING ASSISTANCE PROGRAM POLICIES AND PROCEDURES

CITY OF MURFREESBORO AFFORDABLE HOUSING ASSISTANCE PROGRAM POLICIES AND PROCEDURES CITY OF MURFREESBORO AFFORDABLE HOUSING ASSISTANCE PROGRAM POLICIES AND PROCEDURES 100. Purpose The Murfreesboro Affordable Housing Assistance Program (the Program) encourages homeownership for low-income,

More information

Questions and Answers about Chapel Hill s Inclusionary Zoning Ordinance Town of Chapel Hill

Questions and Answers about Chapel Hill s Inclusionary Zoning Ordinance Town of Chapel Hill Questions and Answers about Chapel Hill s Inclusionary Zoning Ordinance Planning Department Housing and Neighborhood Services inclusionaryzoning@townofchapelhill.org (919) 968-2728 1. What is inclusionary

More information

Lawrence Affordable Housing Need: 2008-2012 five year Census Survey

Lawrence Affordable Housing Need: 2008-2012 five year Census Survey TTH Take Away Affordable Housing is critical to economic development and STABILITY in our community There is a large and widening gap between incomes and housing costs Traditional federal resources are

More information

AFFORDABLE HOUSING PROGRAM GUIDELINES

AFFORDABLE HOUSING PROGRAM GUIDELINES AFFORDABLE HOUSING PROGRAM GUIDELINES Income and Monthly Housing Costs, Asset Limits, and Other Implementation Practices I. INCOME, ASSET, AND HOUSING COSTS A. APPLICABILITY 1. These guidelines establish

More information

CITY OF ELK GROVE CITY COUNCIL STAFF REPORT

CITY OF ELK GROVE CITY COUNCIL STAFF REPORT CITY OF ELK GROVE CITY COUNCIL STAFF REPORT AGENDA ITEM NO. 8.6 AGENDA TITLE: Adopt resolution approving participation in the Mortgage Credit Certificate Program and authorizing the City Manager to enter

More information

NEIGHBORHOOD LAND BANK

NEIGHBORHOOD LAND BANK NEIGHBORHOOD LAND BANK Purpose: Contribute to the community stabilization, revitalization and preservation of San Diego County s communities, particularly San Diego s low and moderate income communities,

More information

Honorable Mayor and Members of the City Council. Submitted by: Jane Micallef, Director, Housing and Community Services

Honorable Mayor and Members of the City Council. Submitted by: Jane Micallef, Director, Housing and Community Services Office of the City Manager To: From: Honorable Mayor and Members of the City Council Phil Kamlarz, City Manager Submitted by: Jane Micallef, Director, Housing and Community Services Subject: Affordable

More information

The Federal Housing Administration and Long-Term Affordable Homeownership Programs

The Federal Housing Administration and Long-Term Affordable Homeownership Programs Policy Briefs The Policy Briefs department summarizes a change or trend in national policy that may have escaped the attention of researchers. The purpose is to stimulate the analysis of policy in the

More information

Affordable Housing. In Boulder, Colorado. Brian Lewandowski Research Associate Business Research Division Leeds School of Business

Affordable Housing. In Boulder, Colorado. Brian Lewandowski Research Associate Business Research Division Leeds School of Business Affordable Housing In Boulder, Colorado by Brian Lewandowski Research Associate Business Research Division Leeds School of Business Thomas G. Thibodeau Academic Director University of Colorado Real Estate

More information

SHARED EQUITY HOUSING IMPLEMENTATION IN TEXAS A WHITE PAPER FROM HOMEBASE & AUSTIN HABITAT FOR HUMANITY, SPONSORED BY CITI FOUNDATION

SHARED EQUITY HOUSING IMPLEMENTATION IN TEXAS A WHITE PAPER FROM HOMEBASE & AUSTIN HABITAT FOR HUMANITY, SPONSORED BY CITI FOUNDATION SHARED EQUITY HOUSING IMPLEMENTATION IN TEXAS A WHITE PAPER FROM HOMEBASE & AUSTIN HABITAT FOR HUMANITY, SPONSORED BY CITI FOUNDATION JANUARY 2014 INTRODUCTION In its most efficient form, homeownership

More information

THE COMMUNITY LAND TRUST REPORT:

THE COMMUNITY LAND TRUST REPORT: THE COMMUNITY LAND TRUST REPORT: CREATING PERMANENT AFFORDABLE HOMEOWNERSHIP OPPORTUNITIES IN AUSTIN, TEXAS JULY 2005 (RESOLUTION NO. 20050526-021) Prepared by: The City of Austin, Neighborhood Housing

More information

AN ASSESSMENT OF AFFORDABLE HOMEOWNERSHIP PROGRAMS IN VIRGINIA

AN ASSESSMENT OF AFFORDABLE HOMEOWNERSHIP PROGRAMS IN VIRGINIA AN ASSESSMENT OF AFFORDABLE HOMEOWNERSHIP PROGRAMS IN VIRGINIA The Cornerstone Partnership is a peer network for homeownership programs that preserve longterm affordability and community stability, helping

More information

Section 1.16a Resale/Deed Restrictions Guidelines

Section 1.16a Resale/Deed Restrictions Guidelines Section 1.16a Resale/Deed Restrictions Guidelines In This Section This section contains the following topics: Overview... 2 Introduction... 2 Related Bulletins... 2 General... 2 Identification and Eligibility

More information

DRAFT Enterprise Community Partners CITY OF DURHAM. Date GOALS. Karen Lado, Consultant March 10, 2016

DRAFT Enterprise Community Partners CITY OF DURHAM. Date GOALS. Karen Lado, Consultant March 10, 2016 DRAFT Enterprise Community Partners CITY OF DURHAM AFFORDABLE Title HOUSING Date GOALS Karen Lado, Consultant March 10, 2016 Useful Definitions Income Groups Low-income: 51-80% AMI Very low income: 31-50%

More information

How Does Vermont s Housing Delivery System Compare? Some Measures and Comparisons. Submitted, Nov. 5 2010

How Does Vermont s Housing Delivery System Compare? Some Measures and Comparisons. Submitted, Nov. 5 2010 How Does Vermont s Housing Delivery System Compare? Some Measures and Comparisons Submitted, Nov. 5 2010 Legislative Commission on Financing and Delivery of Affordable Housing and Conservation Homeownership

More information

Agencies and Resources

Agencies and Resources The following local, state and federal agencies administer programs or provide funds for housing programs and projects: Murray County EDA P.O. Box 57 Slayton, MN 56172 Contact: Amy Hoglin, Economic Development

More information

Purchase an Affordable Home in Orange County

Purchase an Affordable Home in Orange County Purchase an Affordable Home in Orange County Habitat for Humanity of Orange County offers affordable homeownership opportunities. Families who work in Orange County can live in Orange County under construction:

More information

Homebuyers Guide Homeownership Program

Homebuyers Guide Homeownership Program Homebuyers Guide Homeownership Program s:\housing\homeownership\marketing\website\manuals\buyer-guide.docx 2 Table of Contents Welcome!... 3 Programs Summary... 4 Homeworks Permanently Affordable Program

More information

The Neighborhood Stabilization Program

The Neighborhood Stabilization Program The Neighborhood Stabilization Program The Neighborhood Stabilization Program Timothy C. Raffa, Esquire Weissman, Nowack, Curry & Wilco, P.C. timr@wncwlaw.com 404-926-4667 Fax 404-926-4867 www.wncwlaw.com

More information

Village of Ossining Affordable Housing Rules and Regulations (as revised 1/15/13)

Village of Ossining Affordable Housing Rules and Regulations (as revised 1/15/13) Village of Ossining Affordable Housing Rules and Regulations (as revised 1/15/13) Purpose: The Village Board of Trustees adopted an Affordable Housing Policy on April 14, 2006 and Chapter 62 of the Village

More information

Assumable mortgage: A mortgage that can be transferred from a seller to a buyer. The buyer then takes over payment of an existing loan.

Assumable mortgage: A mortgage that can be transferred from a seller to a buyer. The buyer then takes over payment of an existing loan. MORTGAGE GLOSSARY Adjustable Rate Mortgage (ARM): A mortgage loan with payments usually lower than a fixed rate initially, but is subject to changes in interest rates. There are a variety of ARMs that

More information

Housing Cooperatives. An Accessible and Lasting Tool for Home Ownership. Northcountry Cooperative Development Fund

Housing Cooperatives. An Accessible and Lasting Tool for Home Ownership. Northcountry Cooperative Development Fund Housing Cooperatives An Accessible and Lasting Tool for Home Ownership Northcountry Cooperative Development Fund Did you know. that in the United States, more than 1.5 million families of all income levels

More information

City of Santa Barbara Affordable Housing Policies and Procedures September 2014 (updated per 3/6/2015 Area Median Income)

City of Santa Barbara Affordable Housing Policies and Procedures September 2014 (updated per 3/6/2015 Area Median Income) City of Santa Barbara Affordable Housing Policies and Procedures September 2014 (updated per 3/6/2015 Area Median Income) THE CITY OF SANTA BARBARA AFFORDABLE HOUSING POLICIES AND PROCEDURES (Owner Occupied,

More information

Vacant Properties Rehabilitation Program

Vacant Properties Rehabilitation Program City of Columbus Department of Development Housing Division Vacant Properties Rehabilitation Program Redevelopment for Homeownership/ Lease-Purchase Guidelines Old Oaks City of Columbus Department of Development

More information

Down Payment Assistance Programs

Down Payment Assistance Programs Down Payment Assistance Programs Schedule an Appointment 6 8 hour Homebuyers Education Course 2-hour Pre-Purchase Counseling The Homeowners Employment Corporation SunTrust Bank Building - A 1530 Georgia

More information

CITY OF PASSAIC DEPARTMENT OF COMMUNITY DEVELOPMENT 330 PASSAIC STREET PASSAIC, NEW JERSEY 07055

CITY OF PASSAIC DEPARTMENT OF COMMUNITY DEVELOPMENT 330 PASSAIC STREET PASSAIC, NEW JERSEY 07055 CASE NUMBER enter number (office use only) CITY OF PASSAIC DEPARTMENT OF COMMUNITY DEVELOPMENT 330 PASSAIC STREET PASSAIC, NEW JERSEY 07055 FIRST TIME HOMEBUYER ASSISTANCE PROGRAM AGREEMENT HUD # APPLICANT

More information

Insert Product Photograph Here

Insert Product Photograph Here Pitt County Community Development Down Payment Assistance Program Insert Product Photograph Here Overview The HOME Down payment Assistance Program is designed to assist potential low income, first-time

More information

APPENDIXD HOUSING PROGRAMS AVAILABLE IN THE TOWN OF HARTFORD AND WASHINGTON COUNTY

APPENDIXD HOUSING PROGRAMS AVAILABLE IN THE TOWN OF HARTFORD AND WASHINGTON COUNTY APPENDIXD HOUSING PROGRAMS AVAILABLE IN THE TOWN OF HARTFORD AND WASHINGTON COUNTY Government sponsored housing programs have been inventoried to assess government's potential to help the private sector

More information

WHEREAS, Santa Monica is a coastal city in a prime location, being bordered by the City of Los Angeles to the north, east and south; and

WHEREAS, Santa Monica is a coastal city in a prime location, being bordered by the City of Los Angeles to the north, east and south; and City Council Meeting / /2013 ORDINANCE NUMBER (CCS) (City Council Series) AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SANTA MONICA AMENDING SANTA MONICA MUNICIPAL CODE SECTIONS 9.56.020, 9.56.030,

More information

Hardest Hit Fund Overview

Hardest Hit Fund Overview Hardest Hit Fund Overview for Trusted Advisors The Hardest Hit Fund 2 History of the Hardest Hit Fund The Hardest Hit Fund provides $7.6 billion to 18 states and the District of Columbia to provide assistance

More information

Boston MA: Inclusionary Development Policy

Boston MA: Inclusionary Development Policy Boston MA: Inclusionary Development Policy INTRODUCTION Boston s inclusionary program, called the Inclusionary Development Policy, was established in early 2000 through an executive order of the mayor.

More information

Self-Help Housing Rehabilitation

Self-Help Housing Rehabilitation 1 Self-Help Housing Rehabilitation Presented by: Harold Branch and Billie Heath 1 This webinar is brought to you by: Rural Community Assistance Corporation A nonprofit regional training and technical assistance

More information

PERMANENTLY AFFORDABLE HOMEOWNERSHIP

PERMANENTLY AFFORDABLE HOMEOWNERSHIP PERMANENTLY AFFORDABLE HOMEOWNERSHIP Does the Community Land Trust Deliver on Its Promises? A Performance Evaluation of the CLT Model Using Resale Data from the Burlington Community Land Trust May 2003

More information

Community Development Financing in Rural Pennsylvania

Community Development Financing in Rural Pennsylvania Community Development Financing in Rural Pennsylvania Hosted by the Federal Reserve Bank of Philadelphia and Rural LISC October 26 and November 14 and 16, 2006 Edward G. Rendell, Governor Victoria A. Reider,

More information

The City of Kenner Community Development Department

The City of Kenner Community Development Department The City of Kenner Community Development Department First Time Homebuyers Training Program Description and Objectives The homebuyer education class explains the home-buying process to prospective homeowners,

More information

AFFORDABLE HOUSING RESOURCES FLORIDA 2012

AFFORDABLE HOUSING RESOURCES FLORIDA 2012 AFFORDABLE HOUSING RESOURCES FLORIDA 2012 The sources of financing and assistance for affordable housing that appear in these pages are a summary that may be useful for housing providers, support providers

More information

UMB Mortgage Solutions. Home Buying 101

UMB Mortgage Solutions. Home Buying 101 UMB Mortgage Solutions Home Buying 101 1 Agenda Are You Ready to Buy a Home? Selecting a Lender Mortgage Loans Getting Started Home Checklist Purchase Contract Questions 2 Home buying Terms Mortgage Lender

More information

CHAPTER 10: LEVERAGED LOANS SECTION 1: UNDERSTANDING LEVERAGED LOANS

CHAPTER 10: LEVERAGED LOANS SECTION 1: UNDERSTANDING LEVERAGED LOANS CHAPTER 10: LEVERAGED LOANS SECTION 1: UNDERSTANDING LEVERAGED LOANS 10.1 OVERVIEW A leveraged loan is an Agency loan that is supplemented by an affordable housing loan or grant from another funding source

More information

Application for Community Investment Program (CIP) Credit Housing Projects

Application for Community Investment Program (CIP) Credit Housing Projects Application for Community Investment Program (CIP) Credit Purpose: To provide members with favorably priced advances and letters of credit (LOCs) for financing eligible owneroccupied housing and rental

More information

Homeownership in the Inland Empire Past, Present, and Future. Brought to you by:

Homeownership in the Inland Empire Past, Present, and Future. Brought to you by: Homeownership in the Inland Empire Past, Present, and Future Brought to you by: The Real Estate Roller Coaster The Subject : The Average Home The Date : July 2002 The Place : Total Monthly Sales: 419 Riverside

More information

Program Specifications

Program Specifications DOWNPAYMENT ASSISTANCE PROGRAM FOR HURRICANES DOLLY AND IKE DISASTER RELIEF The City of Houston (City) Housing and Community Development Department (HCDD) has designed the Downpayment Assistance Program

More information

WORKFORCE HOUSING ELEMENT (27 April 2016) INTRODUCTION

WORKFORCE HOUSING ELEMENT (27 April 2016) INTRODUCTION INTRODUCTION Sandy Springs population is largely comprised of very affluent owner households and low-income renter households. There are few middle-income households, or workforce households as they are

More information

CITY OF SOLEDAD FIRST-TIME HOMEBUYER ASSISTANCE PROGRAM FIRST MORTGAGE LENDER INSTRUCTIONS 248 MAIN STREET, SOLEDAD CA 93960

CITY OF SOLEDAD FIRST-TIME HOMEBUYER ASSISTANCE PROGRAM FIRST MORTGAGE LENDER INSTRUCTIONS 248 MAIN STREET, SOLEDAD CA 93960 FIRST MORTGAGE LENDER INSTRUCTIONS Maximum Home Sales Price Home sale prices cannot exceed 95% of the area median home value for Soledad (see Table 1: Maximum Purchase Price per Unit). Maximum Loan-to-Value

More information

BELTLINE AFFORDABLE HOUSING ADVISORY BOARD AFFORDABLE HOUSING TRUST FUND RECOMMENDATIONS

BELTLINE AFFORDABLE HOUSING ADVISORY BOARD AFFORDABLE HOUSING TRUST FUND RECOMMENDATIONS BELTLINE AFFORDABLE HOUSING ADVISORY BOARD AFFORDABLE HOUSING TRUST FUND RECOMMENDATIONS INTRODUCTION BELTLINE AFFORDABLE HOUSING COMMITMENT AND FRAMEWORK Affordable housing is a critical component of

More information

The Asset Building Potential of Shared Equity Home Ownership

The Asset Building Potential of Shared Equity Home Ownership New America Foundation Asset Building Program The Asset Building Potential of Shared Equity Home Ownership Rick Jacobus, NCB Capital Impact John Emmeus Davis, Burlington Associates in Community Development

More information

Hardest Hit Fund Overview

Hardest Hit Fund Overview Hardest Hit Fund Overview for Trusted Advisors The Hardest Hit Fund 2 History of the Hardest Hit Fund The Hardest Hit Fund provides $7.6 billion to 18 states and the District of Columbia to provide assistance

More information

IHDA 47 ILLINOIS ADMINISTRATIVE CODE 355 TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY

IHDA 47 ILLINOIS ADMINISTRATIVE CODE 355 TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY IHDA 47 ILLINOIS ADMINISTRATIVE CODE 355 TITLE 47: HOUSING AND COMMUNITY DEVELOPMENT CHAPTER II: ILLINOIS HOUSING DEVELOPMENT AUTHORITY PART 355 ILLINOIS AFFORDABLE HOUSING TAX CREDIT PROGRAM SUBPART A:

More information

More than just housing... CO-OP HOUSING

More than just housing... CO-OP HOUSING More than just housing... CO-OP HOUSING How you can profit by living in a housing cooperative. Introduction A combination of factors including the rising cost of housing in recent years, have forced many

More information

Helping to make buying a home more affordable

Helping to make buying a home more affordable Helping to make buying a home more affordable What we ll cover 1. Are you ready to be a homeowner? 2. Overview of programs to help make buying a home more affordable 3. Types of programs available to you

More information

Affordable Homeownership

Affordable Homeownership Housing and Human Services Division Affordable Homeownership Program Guidelines The City s Affordable Homeownership Program (also referred to as the Inclusionary Housing Program) provides homeownership

More information

First-Time Homebuyer Programs in Portland

First-Time Homebuyer Programs in Portland First-Time Homebuyer Programs in Portland PDC s Neighborhood Housing Program 10/2008 PDC s Vision and Mission Our Mission is to bring together resources to achieve Portland s vision of a diverse, sustainable

More information

City of Garland First Time Homebuyer Program 2013-2014 Client Information FTHP Down Payment Assistance

City of Garland First Time Homebuyer Program 2013-2014 Client Information FTHP Down Payment Assistance City of Garland First Time Homebuyer Program 2013-2014 Client Information FTHP Down Payment Assistance Program Overview The City of Garland Housing and Community Services is implementing the new First

More information

Housing Assistance Opportunities for Duluth Residents October 15, 2010

Housing Assistance Opportunities for Duluth Residents October 15, 2010 Housing Assistance Opportunities for Duluth Residents October 15, 2010 City of Duluth Building Safety City of Duluth Community Development City Hall Room 210, Duluth, MN 55802 City Hall Room 407, Duluth,

More information

Why rent when you can buy?

Why rent when you can buy? Why rent when you can buy? Are you unsure about becoming a HOMEOWNER? Thinking that you can t afford to BUY a home? Are you worried about whether homebuying is a good INVESTMENT? Buying a first home can

More information

First Time Home Buyer Glossary

First Time Home Buyer Glossary First Time Home Buyer Glossary For first time home buyers, knowing and understanding the following terms are very important when purchasing your first home. By understanding these terms, you will make

More information

City of Alexandria FY 2013 Annual Action Plan

City of Alexandria FY 2013 Annual Action Plan hj` [Year ] City of Alexandria FY 2013 Annual Action Plan Third year of the City FY 2011-2015 Consolidated Plan for Housing and Community Development May 2012 City of Alexandria, Office of Housing 421

More information

WHY RENT WHEN YOU CAN BUY

WHY RENT WHEN YOU CAN BUY WHY RENT WHEN YOU CAN BUY CITY OF ALHAMBRA FIRST TIME HOMEBUYER (FTHB) DOWN PAYMENT ASSISTANCE PROGRAM YOU MAY QUALIFY FOR THE CITY OF ALHAMBRA FTHB PROGRAM IF: You have been renting in Alhambra continuously

More information

Small towns and large cities alike are

Small towns and large cities alike are Valuing Affordable Housing: A New Challenge for Assessors Results and Recommendations from the Cook County Assessor s Office Major Assessment Jurisdiction Affordable Housing Survey BY MARIa RIZZETTO AND

More information

The Aspen Institute Initiative on Financial Security (Aspen IFS) proposes. incentives available to low- and middleincome

The Aspen Institute Initiative on Financial Security (Aspen IFS) proposes. incentives available to low- and middleincome BACK TO BASICS: A SAVINGS APPROACH TO HOMEOWNERSHIP Homeownership is a core American value. It epitomizes the American Dream and the be a springboard to the acquisition of other important assets like a

More information

Zillow Negative Equity Report

Zillow Negative Equity Report Overview The housing market is finally showing signs of life, with many metropolitan areas having hit the elusive bottom and seeing home value appreciation, however negative equity remains a drag on the

More information

CITY OF CAMBRIDGE, MASSACHUSETTS. Housing Profile

CITY OF CAMBRIDGE, MASSACHUSETTS. Housing Profile CITY OF CAMBRIDGE, MASSACHUSETTS Housing Profile Cambridge Community Development Department August 2010 CAMBRIDGE HOUSING MARKET INFORMATION TABLE OF CONTENTS GENERAL INFORMATION 1. 2010 Cambridge Housing

More information

Dedicated solely to ending America s affordable housing crisis

Dedicated solely to ending America s affordable housing crisis Dedicated solely to ending America s affordable housing crisis Testimony of National Low Income Housing Coalition U. S. House of Representatives Financial Services Committee Subcommittee on Housing and

More information

Home Equity Conversion Mortgage (HECM) for Home Purchase

Home Equity Conversion Mortgage (HECM) for Home Purchase Home Equity Conversion Mortgage (HECM) for Home Purchase A Guide to HECM s Home Equity Conversion Mortgage (HECM) for Home Purchase A Home Equity Conversion Mortgage for Purchase can be life-changing for

More information

Homeownership. Your First Steps toward. Getting Started. Know Your Finances. Which Mortgage Is Right for You?

Homeownership. Your First Steps toward. Getting Started. Know Your Finances. Which Mortgage Is Right for You? Your First Steps toward Homeownership Identify the type of mortgage that meets your specific financial needs Getting Started Many people don t consider buying a home because they re afraid they can t afford

More information

HOMEBUYER ASSISTANCE PROGRAM

HOMEBUYER ASSISTANCE PROGRAM HOMEBUYER ASSISTANCE PROGRAM PROGRAM S GOAL Provide financial assistance to: Qualified low- to moderate- income first-time homebuyers. City of Houston residents. Increase quality of living through homeownership.

More information

St. Johns County. St. Johns County Housing & Community Services

St. Johns County. St. Johns County Housing & Community Services St. Johns County Homeownership Program St. Johns County Housing & Community Services 2012/2013 Page 2 St. Johns County Homeownership Program THE STATE HOUSING INITITIVES PARTNERSHIP (SHIP) PROGRAM The

More information

Centre County Affordable Housing Needs Assessment: A Blueprint for Action. Appendix D Current Housing Programs Centre County

Centre County Affordable Housing Needs Assessment: A Blueprint for Action. Appendix D Current Housing Programs Centre County Homeownership Programs Appendix D Current Housing Programs Centre County 1. Program name: Centre County First Time Homebuyer Program Target Population: 1-person household: $40,875 2-person household: $46,750

More information

Federal Housing Assistance Programs

Federal Housing Assistance Programs National Coalition for the Homeless 2201 P. St. NW Washington, DC 20037 Phone: (202) 462-4822 Fax: (202) 462-4823 Email: info@nationalhomeless.org Website: http://www.nationalhomeless.org Federal Housing

More information

BORROWER DISCLOSURE STATEMENT First Time Homebuyer Program (Inclusionary Housing Unit and BEGIN Loan) CITY OF CONCORD

BORROWER DISCLOSURE STATEMENT First Time Homebuyer Program (Inclusionary Housing Unit and BEGIN Loan) CITY OF CONCORD BORROWER DISCLOSURE STATEMENT First Time Homebuyer Program (Inclusionary Housing Unit and BEGIN Loan) CITY OF CONCORD The City of Concord (the "City") has adopted an Inclusionary Housing Ordinance, City

More information

Brooklyn Park Economic Development Authority

Brooklyn Park Economic Development Authority Brooklyn Park Economic Development Authority Neighborhood Stabilization Program NSP HOMEBUYER ASSISTANCE PROGRAM FOR CITY/PARTNER ACQUISITION AND REHAB Program Description & Guidelines July 2011 TABLE

More information

Funding Sources for Housing Development

Funding Sources for Housing Development CHAPTER 7 Funding Sources for Housing Development Conway Pines, Conway Although funding is not the only solution to housing issues in New Hampshire, it is part of the answer. The production of new affordable

More information

Advocates Briefing on Inclusionary Zoning

Advocates Briefing on Inclusionary Zoning Advocates Briefing on Inclusionary Zoning How IZ Fits into DC s Affordable Housing Toolbox Claire Zippel October 22, 2015 Steps in the Right Direction } Growing awareness of our affordable housing crisis

More information

Experience Affordable Living in the City. Your Guide to Downpayment Assistance Programs for the Intown Homebuyer

Experience Affordable Living in the City. Your Guide to Downpayment Assistance Programs for the Intown Homebuyer Come Home to Atlanta Experience Affordable Living in the City Your Guide to Downpayment Assistance Programs for the Intown Homebuyer Benefits of living in the city of Atlanta Jobs, restaurants, shops and

More information

Down Payment Assistance Presenter: Jonathan Stansell

Down Payment Assistance Presenter: Jonathan Stansell Down Payment Assistance Presenter: Jonathan Stansell Build credit Cheap credit reports/fico scores Pay down debt. Buy a home! The Homebuyer Program 1. Class in Asheville or online 2. Credit reports + FICO

More information

Welcome Home! Program

Welcome Home! Program Welcome Home! Program PRE-APPLICATION PACKAGE Note: We cannot process your Homeownership Application if required documentation is missing. Qualifying individuals and families purchasing homes in Gwinnett

More information