Home Ownership and Down Payment Assistance Services

The Vendor is required to provide assistance to home buyers accessing and qualifying for home buyer assistance.
- Requirement:
•    The entity will be listed as the point of contact on the city’s website and in the down payment assistance manual for prospective lenders and buyers to ask questions about the program.
•    The entity shall accept clients who are prospective purchasers of rehabilitated or newly constructed homes assisted with the city’s home or CDBG funds, and prospective purchasers who are seeking to use the city’s home down payment assistance program to purchase homes for sale on the open market within the city limits.
•    The entity must successfully close eight (8) down payment assistance loans annually during the term of this agreement.
•    The entity shall verify that homes are located within the city limits and that funds are provided to home assisted buyers with income at or below 80% of area median income in accordance with 24 CFR 92.203- income determination. 
•    The city uses the part 5 method for computing income.
•    Services provided under this agreement are limited to income–eligible homebuyers that successfully purchase a single-family home, as their primary and permanent place of residence, within the city limits.
•    The entity shall collect, verify and provide documentation, including calculations to verify that each client receiving home down payment assistance funding is income-eligible by utilizing the standards set forth in the city’s existing down payment assistance program for home assistance.
•    Individual client files are to be maintained by the entity in a secure, onsite location.
•    The entity shall verify that buyers have household incomes meeting the applicable income limits established by HUD for the home program (as adjusted for household size) with the provision that the households will occupy the property as owner occupants for the minimum term required to meet the home program affordability requirements per 24 CFR 92.203.
•    The minimum amount of home funds that must be used per home buyer is one thousand dollars ($1,000.00).
•    Provide a preliminary determination of eligibility for applicants.
•    The entity shall make a recommendation to the city as to a maximum affordable mortgage amount for the client.
•    The amount of home buyer assistance will be limited to the amount necessary as determined by the city for each project based on total project costs and funds available from all sources.