After recognizing a need to help creditworthy individuals buy homes and rebuild neighborhoods affected by foreclosures, the Phoenix and Maricopa County IDAs launched the Home in Five Advantage program in September 2012.
In five years, the program has experienced remarkable growth as it focuses on helping individuals and families achieve the American Dream of homeownership.
Advancing Homeownership for More than Five Years
- 17,000 new homeowners across Maricopa County.
- $130 million in down payment assistance.
- $3 billion in total home loans.
- $1.6 million additional assistance provided to first responders, K-12 teachers, veterans, U.S. military personnel, and income-qualified individuals.
- 130 lenders trained to serve homebuyers, compared to eight lenders in 2012.
About the Program Partners
The Maricopa County IDA
The Maricopa County IDA began assisting first-time homeowners in 1980 when it issued its first single-family mortgage revenue bonds, and has been providing down payment assistance and mortgage loans to the residents of Maricopa County ever since. The Maricopa County IDA has enjoyed a long-lasting relationship with the Phoenix IDA, partnering on first-time homebuyer programs since 2000. The Maricopa County IDA has also been an innovator in promoting economic development, creating jobs and helping to enhance the county's economic wellbeing. For more information, please visit www.mcida.com.
The Phoenix IDA
The Phoenix IDA is an entrepreneurial nonprofit that draws upon its decades of experience and proven record of accomplishments to support community and economic development through access to capital. The Phoenix IDA improves the community through multiple strategies such as bond financing, investments, and down payment assistance to advance homeownership. The organization's primary goal is to positively impact vulnerable populations and underserved communities. Established in 1981, the Phoenix IDA is a self-sustaining organization governed by a nine-member Board of Directors. For additional information, please visit www.phoenixida.com.