Happening Now
Beginning late spring, the City’s Down Payment Assistance Program (DPA) will make a total of $1.4 million available to qualifying individuals and families to help them buy a home. The funding is from two separate funding sources:
- $1 million in Affordable Housing Bond money
- $400,000 in partnership with the Federal Home Loan Bank of Atlanta (FHLBA)
The $1 million in down payment assistance is for qualifying first time homebuyers wishing to purchase a home within the city limits of Asheville making under 80% of the Area Median Income (AMI).
The $400,000 in down payment assistance will be available to qualifying full-time city employees, including our “Community Heroes,” such as our police officers and firefighters, as well as qualifying full-time Asheville City Schools employees.
Please read the policy linked below.
Eligible borrowers that meet all requirements will have funds reserved once their qualified bank/lender contacts the City of Asheville requesting Down Payment Assistance and provides the completed loan application, including a copy of the Offer to Purchase and Contract.
An informational event is planned.[1]
Community Kickoff Open House
May 18, 2019
10 a.m. until 12 p.m.
Stephens Lee Recreation Center
30 George Washington Carver Avenue
**If you are a banker, lender, mortgage company or non-profit partner interested in affordable housing home ownership, please consider representing your organization at this event. To hold a table, please email Paul D’Angelo at pdangelo@ashevillenc.gov[2]. Thank you!
Background
The $25 million in Bond Funding for housing affordability provides additional support for the Housing Trust Fund and other programs such as Down Payment Assistance that assist in creating diverse and affordable housing choices, including homeownership.
Timeline
February 26, 2019 – Policy adopted by City Council
May 18, 2019 – Community Open House Event[3]
Supporting Documents
Down Payment Assistance Policy[5]