Affordable Housing Strategic Objective Questions Identified at the
October 24, 2008 Retreat
Question 1: Regarding Affordable Housing Performance Indicator #3, are we maintaining the number of families who receive assistance to purchase homes at 35? If not, why not.
While the County met this goal in FY 06, it came short of meeting the goal by 2 families in FY 07 and by 5 families in FY 08. During the past three years, 35 homebuyers received assistance in FY 06, and 33 received assistance in FY 07. In FY 08, 30 families received homebuyer assistance, but only 21 of the loans actually closed during the fiscal year. The remaining 9 loans actually closed after July 1, 2008.
Down payment assistance averages $15,000 per household. To continue to provide down payment assistance to 35 families each year at this level of expenditure, approximately $525,000 in funding is needed. In past years, $300,000 in proffer funding and additional general fund allocations have been used to provide down payment assistance to homebuyers. In FY 09, $250,000 in funding has been provided to the Albemarle Housing Initiative Fund while an additional $240,000 of unspent funding in FY 08 was carried over by the Board on November 5, 2008.
There has been a reduction in the number of families seeking this assistance due to the recent changes in the housing and financial markets and it may be difficult to meet this performance target in the upcoming year.
Question 2: How many people actually participated in the homebuyer education program during the FY 08 year? (performance indicator # 2)?
Seventy-eight (78) people participated in homebuyer education programs during FY 08.
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