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Sun and Len are our very first clients to use this program, which launched August 1st and is funded by the voter-approved Housing Bond. Over the coming years, $7 million from this bond will help income-eligible first-time Flagstaff homebuyers with the up-front costs of homeownership.
CHAP provides a no-interest, no-payment loan of up to $50,000 to assist with down payment and closing costs. The loan is repaid through an equity-share model when the buyer sells the home, no longer lives in it as their primary residence, or pursues a cash-out refinance. Based on decades of successful past CHAP investments, the new program was designed to make a lasting impact for buyers now and in the future. Housing Solutions is proud to administer CHAP and provide HUD-approved housing counseling, eligibility determination, and program management.
We are deeply grateful to the voters of Flagstaff and the City of Flagstaff staff for making this program possible—and for helping turn dreams of homeownership into reality for more Flagstaff households.
Learn more about CHAP and the other pre-purchase assistance programs we administer by clicking the button below.
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