Increased Income Limits, Lower Rates for Home in Five Advantage
Home in Five Advantage, the homebuyer assistance program operated by the Phoenix IDA and Maricopa IDA, recently increased income limits for qualified first-time and other eligible homebuyers and also lowered mortgage rates.
The program, which has helped more than 25,000 individuals in Maricopa County attain the goal of home ownership since 2012, provides low- and moderate-income individuals and families with down payment assistance and funds toward closing costs.
Home in Five Advantage income limits were recently increased as follows:
· Program Limit: $141,820
· 120% Area Median Income (AMI) Limit: $121,560
· 80% AMI Limit: $81,040
· 50% AMI Limit: $50,650
More information on Home in Five program updates and changes is available here.
On the Scene at Local Housing Conferences
Phoenix IDA Housing Director Cindy Stotler recently participated in a panel discussion titled “Collaborative Affordable Housing Solutions” at the Arizona Chapter of the National Association of Housing and Redevelopment Officials (AZ NAHRO) conference.
Stotler presented case studies of Phoenix IDA projects like the Choice Neighborhoods’ Soluna Apartments, as well as the La Esperanza affordable housing development currently under construction in Phoenix.
Coming up later this month, our team will be attending the Arizona Department of Housing’s 2024 Arizona Housing Forum to connect with affordable housing and community development professionals and share ideas to improve housing choices in our state. We hope to see you at our team’s educational session titled “School-Owned Land for Housing Opportunities.”
Photo Caption (L to R): City of Tucson Assistant City Manager Liz Morales, Gorman & Co.’s Sally Schwenn, AZ NAHRO Board Member Irma Hollamby Cain, Deputy Director of the Arizona Department of Housing Ruby Dhillon-Williams, and Phoenix IDA Housing Director Cindy Stotler.
The Phoenix IDA Board of Directors is scheduled to meet at 3 p.m. Thursday, August 15th, 2024.
