City staff and a partner agency told the Housing Commission that the CHAP bond-funded down-payment assistance program is launching and will begin accepting applications next week.
Commission staff said the program will be administered by Housing Solutions in partnership with the City of Flagstaff. The program was described as open to first-time homebuyers and other qualifying households and will offer assistance up to $50,000 per household, an increase from prior programs. The city said the CHAP program serves households up to 150% of area median income (AMI); staff gave examples that a two-person household could qualify up to an annual income of $135,840 and a three-person household up to $152,820.
Housing staff said the increased income limits were designed to better match buyers' purchasing capacity with program eligibility so that applicants are not disqualified from assistance because they earn slightly more but still cannot afford market prices. Staff said some applicants are already in the queue and staff expect to begin accepting formal applications the following week.
Commissioners and staff discussed program details in the meeting, and staff invited referrals of eligible applicants. The presentation was informational; no formal action was taken at the meeting.