Homeownership Program

Program Description  |  Property Listings

The Housing Authority of Maricopa County (HAMC) is initiating a new Scattered Site Single Family Homeownership Program with the aim of promoting homeownership for its Public Housing and Housing Choice Voucher residents, as well as for others in the Maricopa County who are determined eligible for public housing. The Authority has selected certain of its single-family homes, numbering 46 overall, to be designated for sale to eligible residents.

The HAMC will self finance all repairs, renovations and other necessary improvements as well as the soft costs of survey, architecture, engineering, testing, attorney’s and other professional fees. All of the financing will be recaptured from the sales proceeds of the program. The Authority will be the sole owner and operator of the program through its FSS and Homeownership Department, but will contract out certain services such as necessary training, counseling, real estate instruction and legal issues to other entities who have yet to be considered. Other housing agencies in the county will be encouraged to refer eligible residents who are interested in participating in the program to the HAMC Homeownership Coordinator. It is the intention of the HAMC to use the proceeds of the sale and other financing mechanisms to acquire other property and construct additional affordable housing in distinct, compact and concise locations as a part of the asset management plan for the Authority.

The HAMC is presently involved in staffing a full time Homeownership Office which will have the aim of aiding residents to become homebuyers, directing counseling and training, interacting with other program partners, preparing relevant paperwork and monitoring resident progress. This will ensure a comprehensive program, which will be a success. The HAMC will also provide post purchase counseling and will maintain a database of residents who have either purchased the Authority’s properties or that of others on the open market.

The Housing Authority of Maricopa County has determined an order of eligibility for the participants in the Section 32 Homeownership program. The order of eligibility is detailed.

1. Resident Families currently residing in the dwelling, who wish to be included in the program and meet the eligibility requirements, both financial and educational. These families have the right of first refusal.

2. Current public housing residents enrolled in one of the HAMC’s FSS programs that complete a certified Homeownership Training course and have the requisite financial eligibility.

3. Current Housing Choice Voucher residents enrolled in one of the HAMC’s FSS programs that complete a certified Homeownership Training course and have the requisite financial eligibility.

4. Public Housing Residents who have completed a certified Homeownership Training course and have the requisite financial eligibility.

5. Housing Choice Voucher Residents who have completed a certified Homeownership Training course and the requisite financial eligibility.

6. Public Housing Residents referred from other county agencies that have completed a certified Homeownership Training course and have the requisite financial eligibility.

7. Other public housing eligible residents who have completed a certified Homeownership Training course and have the requisite financial eligibility.

Other requirements are:

1. The maximum income level for the program will be $44,940.00 (70% of median income ($64,200.00) for the county).

2. All resident purchasers will need to be graduates of the FSS Program and will therefore be thoroughly familiar with all of their obligations.

3. Homeownership Training and Counseling is a requirement for all families who will be engaged in the program.

4. The down payment requirement will be 5% of the amount of the first mortgage.

5. There will be no replacement reserve requirement as these are single-family homes, which will have been upgraded and therefore will have warranties on most systems that will exceed five years.

6. All resident families who are engaged in the program must have a constant employment history for at least two years before the time of purchase.

7. Must be a first time homebuyer who has not owned a home for the last three years.

8. Applicant must be able to qualify for mortgage loan from a participating lender.

9. Applicant’s monthly payments for mortgage and housing expenses may not exceed 35% of the applicants adjusted income.

For more information on the HAMC Homeownership Program, contact HAMC by calling 602-744-4513.
 

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