Share your input by December 4, 2024

 

Summary of Homeownership Study Recommendations

 

The program recommendations emerging from the study correspond to community-sourced objectives and ideas. View these correspondences in the Appendix of the County Staff Response to Consultant Recommendations.

 

Recommendations for Existing Programs

Notes 

  1. The following table presents a selection of the recommendations for Arlington's existing homeownership programs. To review all recommendations, please see Consultant Report: Arlington County Homeownership Study Program Recommendations and County Staff Response to Consultant Recommendations. 
  2. The term "priority communities" refers to demographic groups whose members face higher barriers to achieving or maintaining homeownership. After the conclusion of the Homeownership Study, County staff will better define these communiteis through legal review, research into best practices, and further discussion.

 

Program or IssueProgram DescriptionRecommendationsAnticipated Annual Impact
Moderate-Income Purchase Assistance ProgramDown payment assistance in the form of an interest-free loan for households with income below 80% of Area Median Income (AMI)
  • Increase max purchase price from $500k to $650k
  • Launch tiered assistance structure with set-aside funding for households facing significant barriers to homeownership
  • Seek funding to assist households earning 80 - 100% of AMI
  • Target outreach to priority communities
  • Down payment assistance for an additional 10 households, bringing annual total of households receiving down payment assistance to approx. 20

Affordable Dwelling Unit (ADU) Program 

Income-restricted ownership units in Arlington County
  • Study current resale restrictions on ADUs: do they limit the opportunity for program participants to build wealth?
  • Study the physical condition of existing ADUs
  • Include a set-aside in Home Improvement Loan Program that address maintenance or repair needs in ADUs
  • Provide financial assistance with maintenance or repairs to 5 ADU and/or condo owners
Support for condo owners and condo boardsN/a
  • Expand existing Condo Education Series
  • Offer technical assistance to condo boards through a third-party vendor
  • Develop strategies to mitigate financial challenges unique to condo owners
  • Provide education to 20-30 condo owners
  • Provide technical assistance to 2-3 condo boards
  • Provide financial assistance to 5 ADU and/or condo owners
Education and technical assistance (not condo-related) N/a
  • Require post-purchase counseling for MIPAP borrowers
  • Post-purchase education for 30 households
Real Estate Tax Relief (RETR)

Offers a tax exemption or deferral for qualifying elderly and disabled homeowners

  • Review the program through an equity lens
  • TBD

 

Question title

Question 1

Thus far in the Homeownership Study, two of the recommendations that have engendered the most discussion are to increase the max MIPAP purchase price and to seek funding that would allow MIPAP to assist households earning between 80 and 100% of AMI. Please share any thoughts or questions you have about these two recommendations.

Closed for Comments

Question title

Question 2

Do you belong to a community organization (e.g., a faith community, nonprofit, common interest group, tenant association, labor union, etc.) that could help County staff increase awareness of Arlington's homeownership programs among those who could benefit from them (e.g., prospective or existing homeowners who identify as one or more of the following: Persons of Color, persons with disabilities, older adults, lower-income, first-generation homebuyers)?

If so, please share the organization name and, if known, its contact information and the name of anyone at the organization to whom you recommend Arlington County reach out directly.

Closed for Comments

Question title

Question 3

If you are a condo owner, please share any ideas that you have for helpful topics to cover through the expanded Condo Education Series and/or technical assistance offerings.

Closed for Comments

Question title

Question 4

Please share any further ideas, questions, or comments that you have on the recommendations for Arlington's existing homeownership programs.

Closed for Comments

 

Recommendations for New Programs

Notes 

  1. The following table presents a selection of the recommendations for new Arlington County homeownership programs. To review all recommendations, please see Consultant Report: Arlington County Homeownership Study Program Recommendations and County Staff Response to Consultant Recommendations. 
  2. The term "priority communities" refers to demographic groups whose members face higher barriers to achieving or maintaining homeownership. After the conclusion of the Homeownership Study, County staff will better define these communiteis through legal review, research into best practices, and further discussion.

 

New ProgramDescriptionAnticipated Annual Impact
Homebuyer Cohort Pilot ProgramProvide education, guidance, technical assistance, and support to a cohort of low- and moderate-income renters
  • Approx. 10 households to be supported through pilot; annual impact TBD

Home Improvement Loan Program 

Relaunch a Home Improvement Loan Program to assist homeowners with financial needs in maintaining or repairing their homes

  • Assist 25 households with home maintenance or repairs
Homeownership Production Fund

Create a production fund to incentivize creation of affordable ownership housing in Arlington

  • 2-4 households purchase affordable ownership units created through production fund

 

Question title

Question 5

Do you belong to a community organization (e.g., a faith community, nonprofit, common interest group, tenant association, labor union, etc.) that could help County staff increase awareness of these new homeownership programs among those who could benefit from them (e.g., prospective or existing homeowners who identify as one or more of the following: Persons of Color, persons with disabilities, older adults, lower-income, first-generation homebuyers)?

If so, please share the organization name and, if known, its contact information and the name of anyone at the organization to whom you recommend Arlington County reach out directly.

Closed for Comments

Question title

Question 6

Please share any further ideas, questions, or comments that you have on the recommendations for new homeownership programs.

Closed for Comments