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Updated almost 16 years ago on . Most recent reply

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151
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Tony Severino
  • Real Estate Coach
  • Highland, IN
77
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151
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First-Time Home Buyer Downpayment Resources-- Nationally

Tony Severino
  • Real Estate Coach
  • Highland, IN
Posted

Affordable Housing Program (AHP)

http://www.fhfb.gov/Default.aspx?Page=47

This is a program of the federal home loan bank (FHLB) system that provides funding to member banks to be used for purchase, construction, rehab or refinancing of housing. In the single-family homeownership context, the money can be used for downpayment assistance, interest rate buydown, and/or principal reduction provided that the housing is for residents with earnings no greater than 80% of Area Median Income.

There are 12 FHLBs nationally. Whichever FHLB covers your region may also set-aside funds in a homeownership pool for low-income households to purchase a home. Eleven of the 12 FHLBs have such a program. The maximum downpayment grant per household is $10,000.

Community Investment Program (CIP)

This is another program of the FHLB system. Though generally used to finance affordable housing construction, some localities have applied for and received such funds from the FHLB to finance first-time homebuyer programs, such as the one in Florence, Alabama. Local municipalities Control the funding if they acquire it from the federal government.

Home Investment Partnership Program (HOME)

http://www.hud.gov/offices/cpd/affordablehousing/programs/home/
HOME is one of the largest block grant programs of the federal government whereby local municipalities and states receive funding to build, buy or rehab affordable housing. These funds are awarded annually, based on a formula. Many jurisdictions use the money to fund down payment assistance programs. Visit http://www.hud.gov/progdesc/home1a.cfm for further information on the program.

Redevelopment Agencies

Many cities have a Redevelopment Agency that administers the process of eliminating blight from designated areas via development, reconstruction and rehabilitation of residential, commercial, industrial and retail centers in that are. City Council members are generally also the board members of the agency. At the county level, the Board of Supervisors generally constitutes the board of the county

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