Cottonwood Employer Assisted Housing Program

Cottonwood Employer Assisted Housing Program is a deferred second loan for homebuyers in Cottonwood, Arizona. Employer Assisted Housing (EAH) variant of the City of Cottonwood's Cottonwood Homeownership Program (CHP). Eligible employees of a partnering Cottonwood-area employer can receive a 3:1 city match (up to $15,000) on funds the buyer contributes toward down payment and closing costs, with the partnering employer contributing alongside the city. Designed to retain workforce in Cottonwood and the surrounding Verde Valley. Up to $15,000 in down payment / closing cost assistance for employees of partnering employers within the City of Cottonwood, structured as a 3:1 match of the buyer's contribution. Combined with companion CHP funds, total Cottonwood assistance can reach up to $40,000 for qualifying first-time Verde Valley homebuyers. Funding comes from Local Government and Employer Match.

Cottonwood Employer Assisted Housing Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Sale, transfer, refinance with cash-out, or loss of owner-occupancy and repaid via equity-share / shared-appreciation formula. The assistance is recorded in 2 position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Cottonwood Employer Assisted Housing Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: Mortgage-eligible based on credit and employment (no published minimum score). A homebuyer education course is required, through Housing Solutions of Northern Arizona. Residency requirement: Must be employed by a partnering employer within the City of Cottonwood; must purchase home in the Verde Valley. Citizenship or immigration status: U.S. citizen or eligible non-citizen (per mortgage requirements). Employer-assisted variant of the Cottonwood Homeownership Program. Buyer must be a current employee of a partnering employer that has signed an EAH agreement with the City of Cottonwood and contributes a matching share toward the assistance. Typical partnering employers include the City of Cottonwood, Mingus Union High School District, Cottonwood-Oak Creek School District, Verde Valley Medical Center / Northern Arizona Healthcare, Yavapai College Verde Valley campus, and other major Cottonwood-area employers willing to sign an EAH MOU. Employer eligibility verified by HSNA. Mandatory homebuyer counseling through HSNA. Home must be a primary residence in the Verde Valley. City of Cottonwood is repaid via an equity-share / shared-appreciation formula upon sale, transfer, refinance with cash-out, or loss of owner-occupancy. Contact: Angela Koder, HSNA Housing Program Manager (928-214-7456 / angelak@housingnaz.org).

Cottonwood Employer Assisted Housing Program limits household income to 120% of the area median income, which varies by county and household size. Low-to-moderate income workforce; aligned with CHP at approximately 80%-120% AMI for Yavapai County (4-person household figures up to ~$134,550 per the program income table). Final eligibility confirmed at counseling. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Cottonwood Employer Assisted Housing Program caps the purchase price as follows: No published maximum purchase price. Eligible property types include Single-family detached, Townhome, and Condominium. New construction is eligible.

Cottonwood Employer Assisted Housing Program serves homebuyers purchasing in Cottonwood, Arizona.

Applications for Cottonwood Employer Assisted Housing Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Application via Housing Solutions of Northern Arizona (housingnaz.org/prepurchase). Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.