Parkview Services Homeownership Program

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Parkview ServicesHomeownership Program
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Who is Parkview?

• A non-profit agency that supports people with
  developmental disabilities and their families.
• Founded in 1967 with the states first group
  home, currently Parkview supports more than 500
  people and families a year.
• Parkviews programs are Affordable Housing, Camp
  Parkview, Group Home, Homeownership, Stepping Out
  for Fun, and Home Maintenance.

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Why Homeownership?

• Homeownership provides housing stability and
  opportunities to develop wealth
• Low and moderate income individuals and families
  are being priced out of the homeownership market
  in King County because of the rising prices

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Program Overview

• Home Buyer Education and Counseling
• Down Payment Assistance

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Program Eligibility

• Purchase in King County
• Be an individual with a developmental disability
  or have a family member with a developmental
  disability that will live with you
• Be able to qualify for a mortgage now or at
  sometime in the near future

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How to Qualify for theDown Payment Assistance

• Complete Parkview Services individualized
  homebuyer education curriculum.
• Complete Parkview Services one-on-one
  pre-purchase counseling and budgeting curriculum.
• Gross annual income less than 80 of the area
  median income set by HUD.
• Be a first time homebuyer
• Have at least 500 of your own money saved for a
  down payment.
• The person with a developmental disability must
  have sufficient support services to ensure their
  health and safety.

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2007 Income Limits
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Down Payment Assistance
Blue cannot be combined with red
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Homeownership Scenarios
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Where are we Now?

• Nine Homes Closed
• Five Homes Under Contract
• Enough funding for Four other homes
• Applied to the State for down payment funds for
  an additional eleven homes
• Applied to the City of Seattle for an additional
  six homes

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Profile -1Single mom with an adult child who has
a developmental disability.

• Two bedroom Condo in Kent
• Purchase Price 171,450
• First Mortgage 78,100
• Monthly Payment 749
• Own Funds used 2500
• Family Gift 10,000
• Down payment Assistance 86,214
• Gross Annual Income 21,024

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Profile - 2Single mom with an minor child who
has a developmental disability.

• Three bedroom House in Renton
• Purchase Price 272,000
• First Mortgage 197,000
• Monthly Payment 1,456
• Own Funds used 2062
• Family Gift 0
• Down payment Assistance 77,714
• Gross Annual Income 40,776

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Profile - 3Married Couple with Developmental
Disabilities

• Two bedroom condo in Renton
• Purchase Price 170,000
• First Mortgage 99,000
• Monthly Payment 913
• Own Funds used 576
• Family Gift 0
• Down payment Assistance 76,600
• Gross Annual Income 29,172

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Profile - 4Married Parents with seven minor
children one has a developmental disability

• Four bedroom House in Seattle
• Purchase Price 390,000
• First Mortgage 270,000
• Monthly Payment 1,456
• Own Funds used 7,800
• Family Gift 0
• Down payment Assistance 118,714
• Gross Annual Income 50,016

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Why Homeownership?

• A Note From Parkviews Second Homebuyer -
• I am so glad to hear that other families are
  benefiting from the program. We have put so much
  effort into various programs as (sic) has grown
  up, but nothing has resulted in anything near
  this life-changing. I am a very different person
  than I was two years ago! And I feel much
  different than I did just six months ago. Having
  hope, some security, and such a major positive
  change in our living conditions has helped both
  of us cope with the occasional traumatic event
  better. A friend sent me an email the other day
  that said something about always having both
  positive and negative things in our lives all the
  time, and I was thinking it was perfect timing to
  have this huge positive experience with Parkview
  carry us through its counterpart. Thank you!