Contact: Denise D. Resnik, Phoenix IDA
602.956.8834, x 111
Cari Gerchick, Maricopa IDA
Down Payment Assistance Program
Surpasses $230 Million Milestone
More than 1,300 families, veterans and active military personnel aided by the Home in Five Advantage program offered by the IDAs of Phoenix and Maricopa County
PHOENIX (February 5, 2014) — The Home in Five Advantage program, a down payment assistance program designed to facilitate home ownership for low- and moderate-income families, veterans and active military personnel, while also stabilizing neighborhoods negatively affected by the economic downturn, recently surpassed the $230 million mark for loans to qualified homebuyers in Maricopa County.
The Phoenix and Maricopa County IDAs collaborated to create the Home in Five Advantage program, which provides qualified homebuyers a 30-year, fixed-rate mortgage loan with a non-repayable grant to be used for closing costs and down payment assistance. The Home in Five Advantage program does not rely on taxpayer revenue.
The program helped Sasha and Joseph Gil provide a down payment for a $120,000 home in Buckeye. The Gils thought they would always have to rent after losing their original home in the housing market crash of 2007-08.
“There’s not a better feeling than owning your own home when you didn’t think it was going to be possible,” Sasha Gil said.
The family of four moved into the three-bedroom, two-bath home in August.
“We are thrilled with the success of the Home in Five Advantage program, which has provided approximately $10.9 million in down payment assistance grants to families who may not have been able to purchase a home,” said Shelby Scharbach, executive director of the Maricopa County IDA. “Lack of funds for down payment and closing costs can be the largest barrier to home ownership,” added Scharbach.
Since its launch in September 2012, more than 1,340 families have qualified to participate and achieve home ownership in neighborhoods throughout the City of Phoenix and Maricopa County. The program aims to assist qualified low- and moderate-income homebuyers, making them eligible for the fixed mortgage rate and a grant equal to 5% of the mortgage. In addition, qualified active military personnel and veterans are eligible for the fixed-rate mortgage and to receive a 6% grant for down payment and closing cost assistance.
“To date, we have provided down payment assistance funds to 67 active military, reserve and veteran’s families. We plan to continue assisting U.S. military families and sharing our appreciation for their service to our country,” said Juan Salgado, executive director of the Phoenix IDA. “There is no better way to help repair our housing market and communities than by opening the doors of homeownership to qualified buyers, including our military families,” he added.
The IDAs plan to continue to make funds available through the Home in Five Advantage program. Additional information about the program, including a list of approved participating lenders that can help determine whether a buyer is qualified, is available at www.mcida.com or www.phoenixida.com.
About the Phoenix IDA: The Phoenix IDA, established in 1981 by the Phoenix City Council, has a long history of providing low-cost access to capital for qualified economic development projects and reinvesting in community projects. By establishing public/private partnerships through bond financing mechanisms for educational facilities, manufacturing facilities, health care facilities, housing, and facilities operated by non-profit organizations, Phoenix IDA strives to address needs of underserved communities. The Phoenix IDA does not receive taxpayer or general fund dollars. For additional information, visit www.PhoenixIDA.com.
About the Maricopa County IDA: The Maricopa County IDA began assisting first-time homeowners in 1980 when it issued its first single-family mortgage revenue bonds, and has been providing down payment assistance and mortgage loans to the residents of Maricopa County ever since. The Maricopa County IDA has enjoyed a long lasting relationship with the Phoenix IDA, partnering on first-time homebuyer programs since 2000. The Maricopa County IDA has also been an innovator in promoting economic development, creating jobs and helping to enhance the county’s economic wellbeing.