Here is a letter from Bothands to the realtors and would like to pass the info on to you!

Dear REALTOR® Partners!!!

We are excited to let you know about additional programs/funding available to low- and moderate-income families in the greater Flagstaff community. If you have any questions about our programs, please do not hesitate to give us a call – we’re also available to do presentations for local offices and/or potential clients.

CHAP Program

The City Council has voted to re-fund its Community Homebuyer Assistance Program after only 6 months, providing additional down payment and closing cost resources for working families earning no more than 125% of the area median income. The program is administered by BOTHANDS. CHAP funding is “gap funding” helping first-time homebuyers close the gap between what they can afford in a mortgage and the price of the home. Clients can receive up to $28,000 in down payment and up to 3% of the purchase, not to exceed $5,700 for closing costs. Funds are on a first-come, first-served basis.

WISH Program

The Workforce Initiative Subsidy for Homeownership Program is funded by the Federal Home Loan Bank and provides matching funds to low-income first-time homebuyers who earn no more than 80% of the area median income. Buyer funds up to $5,000 are matched 3 to 1 for down payment on a home, up to $15,000. The assistance must be layered with another approved assistance program (BOTHANDS programs are approved and we’re working to get NACOG’s Homes For Arizonans Program approved).

IDA Program

The Individual Development Account Program has been administered by BOTHANDS, Inc. for the past three years. This program is funded by the Federal Home Loan Bank and benefits low-income households earning no more than 80% of the area median income. Clients commit to saving between $25 and $500 a month for a minimum of 10 months and up to 3 years. Once they have met their savings goals and are ready to purchase a home, funds are matched 3 to 1 for down payment on a first home. Maximum amount of funds provided is $15,000. Funds can be layered with another assistance program (except WISH). In addition, if clients earn less than twice the poverty level they can qualify for an additional 2 to 1 match on the first $2,000 of their savings, earning up to $4,000 in additional matching funds for down payment.

Housing Subsidy Grants

BOTHANDS received CDBG funding through the City of Flagstaff to provide Housing Subsidy Grants tied to permanent affordability. Up to $35,000 in down payment assistance is available per household, for families earning no more than 80% of the area median income. This assistance triggers deed restrictions and buyers agree to a resale formula. If you have clients who qualify (under 80% AMI) who have found a home and need additional assistance, this may be resource for them. Also, if you know of affordable homes within City limits that would be affordable to families under 80% AMI with this type of subsidy, please let us know – you can call BOTHANDS and ask for Cher or Carmen at 214-7456.

Homebuyer Education

BOTHANDS is a HUD-Approved counseling agency that provides one-on-one counseling and group education. We invite lenders and Realtors to come in and share their expertise/information with classes. Classes are offered twice a month on Saturdays and Tuesday evenings. If you would like more information about education or are interested in working with us to present information, please call BOTHANDS at 214-7456 and ask for Devonna.  

Housing Subsidy Grants & HOME Funds

BOTHANDS is completing rehabilitation of 8 homes in Sunnyside which will be sold to low-income first-time homebuyers. The single-family homes are 2- and 3-bedroom. Each home has $37,500 in HOME subsidy from the Arizona Department of Housing and an additional BOTHANDS Housing Subsidy Grant ranging from $12,000 to $20,000 depending on appraised value. 2-bedroom homes have mortgages as low as $116,000 and 3-bedroom homes have mortgages as low as $152,000. Homes are permanently affordable with a deed restriction and resale formula. If you have buyers who may qualify, please let us know!!!