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Housing officials flag EMAP balances, recommend reallocating underused homeless-prevention funds to more effective pipelines
Summary
The Department of Housing discussed multiple programs including Time to Own (forgivable down-payment program), Emergency Mortgage Assistance (EMAP) and the housing receivership fund; officials said federal HAF money was used first for foreclosure prevention, leaving some state EMAP balances in reserve and recommended redirecting an underused statutory homeless-rehab fund to more productive housing pipelines.
Department of Housing officials briefed the Bonding Subcommittee on the status of multiple housing programs and suggested reallocations for funds that have seen little or no uptake in their statutory form.
Commissioner and staff described the Time to Own (TTO) down-payment program as a 10-year forgivable loan that can reach up to $50,000 per household; they said about 3,500 families purchased homes with TTO assistance in the last two years. On EMAP, officials explained that…
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