AGENDA DATE: 10/4/2023
TITLE:
Title
Proposed Updates to the Albemarle County Homebuyer Assistance Program Guidelines.
BODY
SUBJECT/PROPOSAL/REQUEST: To request Board approval of proposed updates to the Albemarle County Homebuyer Assistance Program (ACHAP) guidelines.
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Dimock, Rosenberg, Curfman, Pethia
PRESENTER (S): Stacy Pethia, Assistant Director of Housing
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: Since Fiscal Year 2005, the Albemarle County Homebuyer Assistance Program (ACHAP) has and continues to provide down payment assistance and closing cost assistance to low- and moderate-income households to assist with the purchase of a home in the county. The assistance is provided as deferred payment, 6% simple interest loans of up to $19,100, with the balance of the loans due at the time a home is sold or when an ACHAP loan recipient refinances their mortgage. The program was funded through allocations of Board-approved appropriations of County revenue to the ACHAP fund, with the final appropriation of program funds in Fiscal Year 2011. As loans are repaid, the funds are used to replenish the ACHAP fund, which currently has a balance of approximately $900,000. The ACHAP is administered by the Piedmont Housing Alliance (PHA) (Attachment A).
For more than two decades, PHA has been providing housing counseling services and down payment assistance to low- and moderate-income homebuyers. For any given client, housing counseling staff thoroughly assess the client's aspirations, financial situation, and stage in the homebuying process. PHA staff then identify the appropriate package of down payment assistance options, which may include state, federal, and private funds, including ACHAP loans.
Significant increases in home sales prices, which have outpaced increases in average household incomes, coupled with ACHAP program guidelines that have not been updated since 2010...
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