Sedona Workforce Homeownership Assistance Program

What is Sedona Workforce Homeownership Assistance Program?

Sedona Workforce Homeownership Assistance Program is a deferred second loan for homebuyers in Sedona, Arizona.

• Workforce homeownership program offered by the City of Sedona through Housing Solutions of Northern Arizona. Provides a 2.5:1 city match (up to $25,000) of the buyer's contribution toward down payment and closing costs for households employed at least 30 hours/week by any employer located within Sedona city limits. Combined with companion programs the City offers up to $40,000 in total assistance, including the option to apply funds to interest-rate buy-downs.
• Up to $25,000 in down payment / closing cost assistance for households employed within Sedona city limits, structured as a 2.5:1 match of buyer's contribution (up to $10,000 of borrower funds matched with up to $25,000 of program funds). Funds may be used for down payment, closing costs, or rate buy-downs (combined city programs offer up to $40,000).
• Funding comes from Local Government.

Do you have to pay it back?

Sedona Workforce Homeownership Assistance 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?

Sedona Workforce Homeownership Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Sedona Workforce Homeownership Assistance Program limits household income to 150% of the area median income, which varies by county and household size.

• Household income $105,000 - $161,850 (program PDF income table); roughly equivalent to 150% AMI for Yavapai/Sedona area, scaled by household size.
• 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?

Sedona Workforce Homeownership Assistance 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?

Sedona Workforce Homeownership Assistance Program serves buyers purchasing in Sedona, Arizona.

How do you apply?

Applications for Sedona Workforce Homeownership Assistance 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.