Moder ate Inc ome Pur c hase Assistanc e Pr ogr am (MIPAP) and - - PowerPoint PPT Presentation

Moder ate Inc ome Pur c hase Assistanc e Pr

• gr

am (MIPAP) and Home Impr

• vement Pr
• gr

am (HIP)

Pr esentation to Housing Commission May 2017 Meeting Infor mation Item

1

• Approximately 1,000 loans have been made over the 30+

year history of the programs

• Majority (~540) were purchase assistance loans
• Current loan portfolio consists of 241 loans
• Majority (~180) are purchase assistance loans
• Majority (~120) made in 22204 zip code (Alcova Heights,

Arlington Heights, Columbia Heights, Penrose, Arlington View, Douglas Park and Nauck)

• ~$1M in loan repayments received annually
• AmeriNat is the County’s new loan servicer

Pr

• gr

am and L

• an Por

tfolio Status

2

L

• an Por

tfolio Map

3

Affor dable Home owne r ship Units

4

Types of Units

First-Time Homebuyer Requirement Affordability Restrictions Loan Documents Affordable Dwelling Units (ADUs) Yes (Carver Place excepted) Yes No (as of Carver Place) Purchase Assistance (MIPAP) Yes No Yes Home Improvement (HIP) No No Yes

Re c e nt Photos

5

• Diver

se Inc omes

• F

emale Headed Households

• Minor

ity Households

Sample of 69 applic ants (Januar y-Apr il 2017) Afr ic an-Amer ic an 22, Asian 12, Hispanic 8, Other 5, White 22

MIPAP Applic ant Pr

• file s

6

MIPAP Applic ant Pr

• file s

7

MIPAP Pr

• gr

am Change s

8

Cur r ent Guidelines Pr

• posed Guidelines

No minimum c re dit sc o re 660 minimum c re dit sc o re $90,700 max lo an (25% o f max purc hase pric e ) $112,500 max lo an amo unt (25% o f max purc hase pric e ) $362,790 max purc hase pric e $450,000 max purc hase pric e L

• an o riginatio n by AHC

L

• an o riginatio n by Co unty

(Ho using Divisio n staff and lo an c o mmitte e ) No lo c al pre fe re nc e po lic y L

• c al pre fe re nc e po lic y

VHDA, Ge o rge Maso n Bank, SunT rust Bank, F ide lity Bank, and Chain Bridge Bank as se nio r le nde rs Any VHDA-appro ve d le nde r that appro ve s Co unty se c o nd de e d o f trust and lo an do c ume nts and agre e s to ho ld the ir lo ans in the ir po rtfo lio s

HIP Pr

• gr

am Change s

9

Cur r ent Guidelines Pr

• posed Guidelines

No minimum c re dit sc o re 660 minimum c re dit sc o re $50,000 max lo an $75,000 max lo an amo unt AHC as ge ne ral c o ntrac to r Habitat fo r Humanity o f No rthe rn Virginia and o the r ge ne ral c o ntrac to rs able to c o mply with fe de ral re quire me nts No so lar in sc o pe o f wo rk So lar may be in sc o pe o f wo rk

Available Funds (as of April 2017)

MIPAP

Approximately $1.37 million 12-15 loans (max loan of $112,500)

HIP

Approximately $500,000 6-8 loans (max loan of $75,000)

L

• an F

unds

10

Staff recruitment (May-June) Housing Commission meeting (June action on guidelines) County Board meeting (June action on guidelines) Loan originations (July start of FY18) Advisory working group process (July through Dec.)

• Volunteers for a series of 6

monthly meetings about the future direction of the County’s single family homeownership programs

• Research and analysis of

funding sources, other homeownership models such as cooperatives, community land trusts, cohousing, etc.

Staff policy recommendations (Spring 2018 for FY19)

Ne xt Ste ps and Re que st for Volunte e r s

11