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Administration for Children and Families US Department of Health and Human Services
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Office of Community Services -- Asset Building Strengthening Families...Building Communities

Asset Building Best Practices: Homeownership

Focus:

The call focused on effective practices to bring AFI participants to successful first-time home purchase.

Key Points:
  • The call reviewed the basic AFI guidelines for homeownership and how AFI and nonfederal funds may be disbursed in the purchase process.
  • AFI Projects must assess the feasibility of participants being able to purchase a home in the project time frame, taking into consideration issues such as the cost of a home in their areas and participant credit status, an important factor in gaining a reasonable mortgage.
  • In many areas of the country, purchases are feasible only by also including funding from other sources, such as soft second mortgages and down payment assistance.
  • Participants and projects may need to consider options other than single-family detached homes, such as condominiums and town homes.
  • Ongoing case management, as well as homebuyer training, are important supplements to general financial education for potential new homeowners.
  • The terms of a mortgage are important for asset retention over the long term. Projects may wish to have guidelines for what terms of purchase they will support through the program matching funds.
Presenters:
  • Liza Lowe, Program Specialist, Assets for Independence Program, Office of Community Services
  • Pat Malinak, Program Director, Community Services Department, Western Carolina Community Action, Inc.
  • Dan Kornelis, Housing Director, Forsyth County Department of Housing
  • Terri Stoflet, IDA Case Manager, Spokane Neighborhood Action Programs
  • Brenda Jones, Director of Asset Building Programs, Mount Hope Housing Company, Inc.
  • Amy Shir, Assets for Independence Resource Center
Resources:
  • Planning for Homeownership (.ppt 29KB) (.pdf 26KB)
  • AFI Homeownership Resource Guide (.doc 117KB) (.pdf 124KB)
  • AFI Project Homeownership: Effective Practices (.doc 137KB) (.pdf 134KB)
  • New Century Homeownership Agreement (.doc 37KB) (.pdf 31KB)

For more information on this topic, please contact the Assets for Independence Resource Center: http://www.acf.hhs.gov/assetbuilding; info@idaresources.org; 1-866-778-6037.