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HomePerks asks Ashland to authorize FHA-eligible local entity to expand homeownership access
Summary
HomePerks representative urged the council to pass a resolution appointing or reaffirming three members to a local homeownership assistance entity so the program can become FHA-compliant and extend down-payment assistance to Ashland residents.
A representative for HomePerks (HomePerf/HomePerk in the transcript) asked the council to consider a resolution that would make the local homeownership assistance entity FHA-compliant and allow broader access for Ashland residents.
Josh Kaplan described a recent success: an Ashland household that gained homeownership access and about $2,000 in savings through the program. Kaplan explained that the program is currently compliant with conventional and VA loans but not FHA because that requires the entity to be designated a Section 115 entity under IRS rules (which would follow a council resolution appointing three members to the local homeownership assistance corporation or reaffirming the current board).
Kaplan said making the entity FHA-compliant would allow Ashland residents to access down-payment assistance (he used $15,000 as an illustrative figure) even if an employer is not a program partner, and argued it could make Ashland an easier place to buy a home within Boone County. He offered to provide paperwork and said HomePerks’ attorney (Dodd Harris) could appear for follow-up if the council desired.
Council asked clarifying questions about whether the access mechanism would run through the city; staff and the presenter said the city would still be involved but residents could access the program directly if the entity is structured accordingly. Staff asked for paperwork to begin review.
