Moder ate Inc ome Pur c hase Assistanc e Pr ogr am (MIPAP) and Home Impr ovement Pr ogr am (HIP) Pr esentation to Housing Commission May 2017 Meeting Infor mation Item 1
Pr ogr am and L oan Por tfolio Status • 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 2
L oan Por tfolio Map 3
Affor dable Home owne r ship Units Types of Units First-Time Homebuyer Affordability Loan Documents Requirement Restrictions Yes No Yes Affordable Dwelling Units (ADUs) (Carver Place excepted) (as of Carver Place) Yes No Yes Purchase Assistance (MIPAP) Home Improvement (HIP) No No Yes 4
Re c e nt Photos 5
MIPAP Applic ant Pr ofile s • 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 6
MIPAP Applic ant Pr ofile s 7
MIPAP Pr ogr am Change s Cur r ent Guidelines Pr oposed Guidelines No minimum c re dit sc o re 660 minimum c re dit sc o re $90,700 max lo an $112,500 max lo an amo unt (25% o f max purc hase pric e ) (25% o f max purc hase pric e ) $362,790 max purc hase pric e $450,000 max purc hase pric e L o an o riginatio n by AHC L o 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 o c al pre fe re nc e po lic y VHDA, Ge o rge Maso n Bank, SunT rust Bank, Any VHDA-appro ve d le nde r that appro ve s F ide lity Bank, and Chain Bridge Bank as Co unty se c o nd de e d o f trust and lo an se nio r le nde rs do c ume nts and agre e s to ho ld the ir lo ans in the ir po rtfo lio s 8
HIP Pr ogr am Change s Cur r ent Guidelines Pr oposed 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 9
L oan F unds Available Funds (as of April 2017) MIPAP HIP 12-15 loans 6-8 loans Approximately Approximately (max loan of (max loan of $1.37 million $500,000 $112,500) $75,000) 10
Ne xt Ste ps and Re que st for Volunte e r s Advisory working group process (July through Dec.) • Volunteers for a series of 6 monthly meetings about the future direction of the County Board Housing Staff policy County’s single family meeting Staff recruitment Commission meeting Loan originations recommendations homeownership programs (May-June) (June action on (July start of FY18) (Spring 2018 for (June action on guidelines) • Research and analysis of FY19) guidelines) funding sources, other homeownership models such as cooperatives, community land trusts, cohousing, etc. 11
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