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ACORN Housing is currently qualifying potential homebuyers for a new single family home subdivision located in South Mountain Village at Third Avenue and Beverly. There is up to $25,000 in down payment and closing cost assistance for 30 first-time homebuyers purchasing one of the newly constructed homes. The down payment subsidy is a 0 percent interest loan that does not have a monthly payment and is forgiven after approximately 15 years.

To apply for this program contact the ACORN office at (602) 253-1111.

Palomino Community Builders (Palomino CB) Palomino Community Builders is constructing six new homes in the Palomino neighborhood within the city of Phoenix. There is up to $25,000 available in down payment and closing cost assistance for six first-time homebuyers purchasing one of the newly constructed homes. The down payment subsidy is a 0 percent interest loan that does not have a monthly payment and is forgiven after approximately 15 years. To apply for this program contact the Community Housing Resources of Arizona (CHRA) office at (602) 631-9780.

To apply for this program contact the CHRA office at (602) 631-9780.

Eligibility Criteria for Designated Neighborhood Opportunities Applicants must be first-time homebuyers: Someone who has not owned a home for at least the last three years.

Families must occupy the home as their principal residence.

Buyers are required to participate in pre-purchase homeownership counseling. (Check with the program regarding who provides the counseling.)

Annual gross income cannot exceed 80 percent of the area median. Maximum annual income (before taxes) for a household is based on the number of people who will live in the household. (See median income table)

Housing Purchase Information for Designated Neighborhood Opportunities

Purchase price limit of the home is $150,000

Buyer is required to pay $1,000 toward the down payment.

The interest rate of the loan will be determined by the lender who finances the mortgage to buy the home.

Homes must be purchased within the designated neighborhood and developments described above.