Homeownership: Empowering New Buyers

Recognizes programs that best provide homeownership financing to HFA targeted customers.

Judging Criteria

Homeownership entries will be judged on the degree to which they:

  • Are innovative
  • Are replicable
  • Respond to an important state housing need
  • Use data, research, and analysis to demonstrate measurable benefits to HFA targeted customers and underserved markets
  • Have a proven track record of success in the marketplace
  • Provide benefits that outweigh costs
  • Demonstrate effective use of resources
  • Effectively employ partnerships
  • Achieve strategic objectives

If you have questions, please email awards@ncsha.org or call 202-624-7710.

2023 Winner

MassHousing

Puerto Rico Housing Finance Authority

2023 Entries

California Housing Finance Agency:
Forgivable Equity Builder Loan

The California state legislature authorized $88 million in 2021 to help low-income borrowersā€”those with incomes at or below 80% of the Area Median Incomeā€”with their down payment. The Forgivable Equity Builder Loan program made loans of up to 10% of the purchase price which became forgivable if buyers stayed in the home for five years. Less than seven months after launch, the program had allocated all its funding, helping more than 2,500 low-income Californians buy their first home.

Connecticut Housing Finance Authority:
Time To Own ā€“ Leveling the Playing Field for First-time Homebuyers

Connecticut's Time To Own (TTO) Down Payment Assistance Program offers up to $50,000 for eligible borrowers to assist with a down payment and/or closing costs. It aims to improve affordability, target areas of opportunity, increase homeownership options for minority homebuyers, and leverage other down payment assistance programs. As of 4/1/23, roughly 1,200 homebuyers have closed on their new homes using TTO, totaling $41.47 million in assistance and with an average assistance amount of $30,180.

Florida Housing Finance Corporation:
The Florida Hometown Heroes Housing Program: Assisting Floridaā€™s ā€œMissing Middleā€ Workforce Population

Floridaā€™s population has been growing rapidly, making the dream of homeownership challenging for Floridaā€™s essential workers. Many of these individuals were unable to qualify for existing homeownership programs due to a higher annual income, yet were still not making enough to afford purchasing a home. Launched in June 2022, the Hometown Heroes program has provided more than $86 million in down payment and closing cost assistance to frontline community workers who earn up to 150% AMI.

Illinois Housing Development Authority:
Opening Doors

In an effort to bring more equity to the Illinois housing market, the Illinois Housing Development Authority sought to develop and implement a new down payment assistance program specifically designed to meet the unique needs of those who have historically encountered barriers to owning a home.

Kentucky Housing Corporation:
Ask Krista

Ask Krista was born in early 2023 in response to numerous questions Kentucky Housing Corporationā€™s mortgage production administrators encountered on the road. Ask Krista gives lenders and real estate agents a direct line to KHCā€™s mortgage lending team. Whether it is a question about our programs or tips for processing loans faster, their questions get a fast, personal answer. As a result, more realtors and lenders are aware of our programs and more buyers have access to affordable homeownership.

Louisiana Housing Corporation:
Creating New Pathways to Homeownership: Keys for Service

The LHC recognized the need for empowering and supporting a new buyer class. The thought was simple, our teachers, police, firefighters, and medical personnel work every day for the benefit of our communities. The Keys for Service program was created to bridge that gap and make it easier and more affordable for our community heroes to purchase their dream homes. The LHC is proud to say that this program meets the needs of Louisianans & illustrates what happens as HFAs think outside of the box.

MassHousing:
MassDREAMS

MassDREAMS (Delivering Real Equity and Mortgage Stability), offered grants of up to $50,000 for down payment, closing cost and mortgage insurance assistance to borrowers living in communities impacted by COVID with enormous success in creating opportunities for borrowers of color.

Ohio Housing Finance Agency:
Refinance Program

Over the last few years, the Ohio Housing Finance Agency (OHFA) recognized the need for a refinancing program to help its customers take advantage of lower interest rates. Now with interest rates rising, the Agency is educating its partners on the refinancing program, so customers may take advantage of it when rates decline in the future.

Puerto Rico Housing Finance Authority:
Supporting Community Sustainability and Viability by Increasing Homeownership Rates Across the Island

The Homebuyer Assistance Program, funded with Community Development Block Grant ā€“ Disaster Recovery funds, supports community sustainability and viability by increasing homeownership rates across Puerto Rico. By establishing partnerships, the PRHFA has developed an ecosystem that benefits Program outcomes: increasing the level of homeownership in the Island.

Vermont Housing Finance Agency:
VHFA First-Generation Homebuyer Program

VHFAā€™s First Generation Homebuyer Program helps address longstanding disparities in homeownership rates by offering down payment assistance grants to eligible first-time, first-generation homebuyers. VHFA developed the program through extensive coordination with BIPOC community leaders. The grants are exclusively available with VHFA existing mortgage loan programs offered through participating lenders with a demonstrated commitment to equitable access.