Acquisition, Rehab and Resale Program

MAKE OWNING A HOME A REALITY:

A first-time homebuyer often needs a bit of assistance to turn the dream of owning a home into a reality. The Community Housing Alternatives, Inc., (CHA) acquisition rehabilitation program was designed to assist households that have the desire to purchase homes that are in move in condition. We develop housing in both the City of Ypsilanti, Ypsilanti Township.

ABOUT THE ACQUISITION REHAB PROGRAM:

CHA is working to increase homeownership opportunities in the areas listed above by purchasing and rehabilitating homes that are in need of repair using funding provided by the Urban County, which is a collaborative of the City of Ypsilanti, Washtenaw County and some of the Townships in Washtenaw County.

Upon completion, these homes are then sold to families at below market prices. This allows families that otherwise would not be able to buy a home the opportunity to buy a home affordably.

Part of the subsidy is forgiven at the time of closing and another part is forgiven over a 15 year period. The last 1/3 of the subsidy and a calculated equity share, is all that is due payable at the time that the home is sold. This is secured by a recapture agreement that is made at the time of the sale.

The recapture is repaid to Washtenaw County and is recycled to allow future purchasers the same opportunity. All buyers through this program must have completed the required homeowner counseling and meet all program criteria.

WHO SHOULD APPLY?:

You should consider this program if you are a low to moderate income first time homebuyer. (We do have programs for individuals that have previously owned a home. Please call for more information)

WHO DO WE CONSIDER FIRST TIME HOMEBUYERS?

1. You have not owned a home in the last 3 years or;

2. You are considered a displaced homemaker or;

3. You are a single parent who owned a home with his/her spouse or resided in a home owned by a spouse.

ELIGIBILITY REQUIREMENTS:

To be eligible for assistance, households must meet the following criteria:

1. Household income cannot exceed 80% of the Area Median Income. See your housing counselor for current income limits.

2. Household must have a Release to Purchase Certificate before receiving application.

3. Ratios cannot exceed 30% on the front end and 42% on the back end (an affordability analysis will determine final eligibility)

4. Purchaser must contribute personal funds of at least 1% of the purchase price.

5. Other rules apply, please see your counselor for more information...

Income Limits for Aquisition Rehab Program 2007

(80% / 74%): (1) $41,700, (2) $47,700, (3)$53,650, (4)$59,600

(5) $64,350, (6) $69,150, (7) $73,900, (8) $76,650