Homeownership: Empowering New Buyers

Arizona Department of Housing:
Arizona is Home Mortgage Assistance Program

Owning a home has always been an integral part of the American Dream. Arizona made that dream a reality for many in 2024, and increased homeownership across the state, with a new mortgage assistance program for first-time homebuyers called ‘Arizona is Home.’

Colorado Housing and Finance Authority:
CHFA FirstGeneration

In 2024, CHFA launched a program to support first generation Colorado homebuyers, defined as those who have not previously owned a home and whose parents or guardians were not homeowners. The program also serves those raised in the foster care system who have not previously owned a home. CHFA FirstGeneration provides up to $25,000 in down payment assistance and a 30-year fixed-rate home mortgage loan for eligible borrowers.

Connecticut Housing Finance Authority:
Smart Rate: Reducing Barriers for First-Time Homebuyers with Student Loan Debt

CHFA’s Smart Rate program lowered mortgage interest rates for first-time homebuyers with student debt, helping them qualify for homeownership. By leveraging a $10 million investment to support $110 million in loans, Smart Rate opened the door for borrowers who might otherwise be shut out, making homeownership more affordable and attainable for Connecticut’s workforce.

Georgia Department of Community Affairs/Georgia Housing and Finance Authority:
Georgia Dream Peach Select VA Program

The Georgia Dream Peach Select VA program is an innovative product from the Georgia Department of Community Affairs that assists veterans with securing VA home loans at a below-market rate. This program has led to substantial growth in veteran homeownership across Georgia during its first year of action and continues to gain momentum in a housing market that grows more turbulent every day. Georgia Dream Peach Select VA program honors the men and women that have served Georgia as well as the USA.

Illinois Housing Development Authority:
Expanding Homeownership Access in Illinois: The Access Plus Financing Initiative

Access Plus is a bold and necessary step toward making homeownership a reality for more low- and moderate-income Illinois families. The initiative incentivizes lenders to provide 30-year fixed rate, first mortgages to underserved borrowers with loan amounts at or below $60,000 that is paired with down payment assistance from the Illinois Housing Development Authority.

Minnesota Housing:
Minnesota Housing First-Generation Homebuyer Program

Minnesota Housing successfully provided $50 million in forgivable downpayment assistance to over 1,400 first-generation homebuyers between May and December 2024. A get-ready campaign and extensive marketing and outreach helped the agency serve 82% households of color, twice the number reached through its standard programs. The one-time appropriation was a hard-won tool that enabled an underserved population to build wealth through homeownership.

Oregon Housing and Community Services:
Culturally Responsive Down Payment Assistance

Oregon Housing and Community Services has had a down payment assistance program since 2011, but in 2023, it augmented the program to better address racial disparities in homeownership. The agency developed the Down Payment Assistance-Culturally Responsive and Rural Organizations program to provide more homeownership opportunities for underserved communities. This heightened focus resulted in hundreds of new homeowners, especially people of color, and new partnerships, including with a Tribe.

Washington State Housing Finance Commission:
Covenant Homeownership Program

As a result of state legislation passed in 2023, the Washington State Housing Finance Commission moved quickly to implement a groundbreaking downpayment-assistance program aiming to address more than 100 years of housing discrimination. In less than a year, the Covenant Homeownership Program has helped more than 367 families affected by housing discrimination to buy their first home. Thanks to its success, the program was also significantly expanded by a second state law.