Q&A
Home First Down Payment Assistance Program details and potential expansion
2:06:32
·
87 sec
Council Member Diana Ayala inquires about the Home First Down Payment Assistance Program, including its AMI requirements and potential for expansion. HPD officials discuss recent changes and plans for the program.
- Current AMI requirement is 80% for the Home First program
- HPD now has legal authority to provide down payment assistance using city resources
- Considerations for expanding the program include moderate-income households and areas with higher purchase price limits
Diana Ayala
2:06:32
Absolutely.
2:06:33
And then finally, I'm sorry, chair.
2:06:35
The I'm looking at the home first web page.
2:06:38
Yep.
2:06:38
And so I just you know, curious because I see that the AMI is at 80%.
2:06:43
Right?
2:06:43
And with inflation, you know, prices are more expensive.
2:06:46
Things have, you know, gotten, you know, renting has has gotten more expensive.
2:06:51
Obviously, purchasing, you know, has been impacted by increasing rates.
2:06:56
Has is that, like, a set rate?
2:06:58
How does the HPD determine whether or not it should be increased to be more realistic and reflective of the times?
Kim Darga
2:07:06
That's a great question.
2:07:07
So we have only been able to use federal funds for this program until last year when the state legislature amended our loan authority.
2:07:20
Now we have the legal authority to actually provide down payment assistance.
2:07:24
So we're trying to figure out now what an expansion could potentially look like.
2:07:31
We've been looking at whether we expand to moderate income households.
2:07:37
As I mentioned earlier, there are parts of the city where the cut imposed purchase price limits Mhmm.
2:07:42
Actually do restrict an ability to buy in that household even if you had the resources to be able to do it.
2:07:50
So we're looking at those two factors particular in terms of it, you know, now that we have the ability to use Citi Resources, what would that look like?
