Council approves increased liquid‑asset limit for down‑payment program, allows sale equity as eligible source

The Ogden City Council on May 13 adopted changes to the city's Own and Ogden down‑payment assistance program guidelines, increasing the maximum liquid assets a buyer may hold from $20,000 to $40,000 and clarifying that proceeds from a recent home sale may be applied as equity toward an Own and Ogden purchase so long as no cash is taken out of the transaction.

Kathy Fuentes, senior community development coordinator, presented the proposed changes as a way to increase access to homeownership for low‑ and moderate‑income buyers in Ogden. She said the program is HUD‑funded and is specifically designed to increase affordability for people who want to buy in the city.

Council discussion was brief and supportive. Vice Chair Hyer moved to adopt proposed Resolution 2025‑9; Council Member Ritchie seconded. The motion passed on a roll‑call vote with ayes recorded from council members in attendance.

Why it matters: Raising the liquid‑asset threshold and permitting the use of sale proceeds (with the "no cash out" restriction) expands the pool of eligible buyers by recognizing that sellers can bring non‑liquid equity forward into a purchase without creating a windfall that would circumvent program income limits. The change keeps the program aligned with HUD funding rules and local objectives to increase homeownership affordability.

What's next: Fuentes and Neighborhood Development staff will implement the revised guidelines through program materials and intake processes.