Cottonwood Employer Assisted Housing Program

What is 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.

Do you have to pay it back?

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.

Who qualifies?

Cottonwood Employer Assisted Housing Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through Housing Solutions of Northern Arizona.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application via Housing Solutions of Northern Arizona (housingnaz.org/prepurchase), and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.