Applications are now being accepted for the Sedona Workforce Housing Assistance Program. Qualified homebuyers may receive up to $25,000 toward a down payment on a first home in the Verde Valley. Through a partnership with Housing Solutions of Northern Arizona, the city of Sedona is providing funds to help make homeownership an option for households that do not have sufficient cash to purchase a home but are otherwise mortgage eligible based on credit and income.
The city’s housing study, prepared for the city of Sedona in November 2020 by Elliott D. Pollack & Company, identified an affordable housing gap of approximately 1,500 households. The housing crisis has been exacerbated even further since the study’s completion, with home values soaring in Sedona and the surrounding areas. The Affordable Housing Action Plan resulting from the housing study recommended various strategies to address affordability including the development of a down payment assistance program. The program is designed to provide community stability in homeownership and local employment.
The program provides a 2.5:1 match of the buyer’s funds for those employed by an eligible employer within Sedona’s city limits. The buyer must work at least 30 hours per week and the employer must verify that the employee’s job duties cannot be completed remotely. Qualifying buyers must have a household income at or below 150% of the area median income and must complete Homebuyer Counseling through Housing Solutions of Northern Arizona. Eligible properties may be located anywhere in the Verde Valley.
To get started or learn more go to HousingNAZ.org or call Angela at Housing Solutions of Northern Arizona (928) 214-7456.