COMMUNITY HOUSING COUNCIL OF
Approved CHC Grant Criteria
A. Income & Eligibility Restrictions:
1. One grant to home buyers who fall below 80% of median income; and
if funds are available for more than 1 grant; then at least one grant to home buyers who are between 80-90% of median income
2. Homebuyer must quality for a first mortgage loan
3. Must be owner occupied purchase.
4. The grant will be awarded through escrow.
5. Cannot own any other homes or have owned in the last three years
6. Must have graduation certificate from a CHC approved home ownership education class
7. Must be represented by a Realtor® for the purchase of a home unless
the purchase is through a subdivision or self-help organization that
does not include broker cooperation. The intent is that the recipient has
representation & guidance in the
purchase of their home.
B. Qualified uses for the Grant Funds:
1. No layering restrictions by CHC are imposed
2. Closing costs, buy-downs, etc. (appraisal, home inspections, home warranty) are acceptable. (CHC grants could be used for recurring closing costs as well, if allowed by primary financing program-this would include
Prepaid interest or taxes, PMI and homeowners insurance)
3. Grant could also be used toward a buyer’s share of down payment if this were allowable under the loan programs being utilized by the homebuyer.
4. Extenuating circumstances & other needs can be allowed with committee evaluation on a case-by-case basis.
5. The Grant may be used for single family residences, condos, PUDs and/or
Manufactured housing on a permanent foundation.
C. Amount of Grants:
1. The Grants can be of varying amounts as needed, not to exceed $3000 each
2. Goal is to provide at least two grants a year
D. Area Restrictions:
Grant funds can be used anywhere
within the City or
E. Payback Requirements:
The CHC Grants are true grants and have no repayment requirement. Recipients
will be required to cooperate with follow up tracking for statistical purposes.
F. Application Process:
A Brochure explaining the CHC Grant will be developed and available through
Members of CHC, at the
G. Selection Process:
Applications will be reviewed based on need and priority.
H. Award Schedule:
1. Grants will be fiscal year awards, but first grant award to be given in calendar
year 2007.
2. The number of awards given will be subject to available funding.
I. Review Committee:
1. Grant applications will be reviewed & selected by a 3 person Review
Committee for CHC.
2. The committee shall include the President, the Real Estate Finance
Committee Chair and at least one additional CHC member from the RE
Finance Committee.
3. If possible, there should be an overlap of terms to provide continuity to the
committee.
4. When timing is an issue, review committee members may utilize email or fax
communication to complete the review and selection process.
J. Tracking & Record Keeping:
1. The Real Estate Finance Committee will maintain records on all applications
and on all grants awarded.
2. When possible, yearly calls will be made to the award recipients in an effort to
track their success & evaluate the usefulness of the grant program and to refer
them to budget and credit counseling, if needed. A 5-year follow up will be
made, either by phone call or by checking public records, to determine if the
grant recipients are still in their home and to provide support to help them
maintain homeownership.
K. When available, the data should be
included in the tracking software that CHC implements at the
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Page two of CHC Grant Criteria
Approved 8.12.05