Tuesday, January 21, 2020

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Christina Autin
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HOC Makes $1 Million in Funding Available for Second Round of Housing Assistance Fund


Montgomery County, MD – The Housing Opportunities Commission of Montgomery County (HOC) announced the relaunch of the Montgomery County Homeownership Assistance Fund (McHAF) with $1 million in funding committed by the Montgomery County Department of Housing and Community Affairs (DHCA). The Fund assists qualified first-time homebuyers with down payment and closing costs when purchasing a home in the County as their primary residence.

 Used in conjunction with HOC’s Mortgage Purchase Program first mortgage loan, McHAF enables approved applicants to access a zero-percent deferred loan of up to 40 percent of the qualifying household income, for a maximum of $25,000. Applicants can access the funds through an approved lender on the Homeownership page of the HOC website.

As the County’s public housing authority and the largest developer of high-quality, community-connected affordable housing in Montgomery County, HOC focuses its work on just three things:

  • Getting People Housed;
  • Keeping People Housed; and
  • Helping Families and Individuals Meet Their Fullest Potential.

Helping families meet their fullest potential means providing people with access to resources and opportunities that support their upward mobility. It means helping families focus on what’s next – moving from housing stability toward homeownership and building assets that will provide financial security for the next generation.

“We are proud to continue our partnership with the County providing homeownership tools to Montgomery County residents,” said HOC Executive Director Stacy Spann. “Our community is an exceptional place for families to live, work and grow and down payment assistance helps people take advantage of those opportunities. At HOC, we work hard to create sustainable, connected, affordable communities for all of Montgomery County’s residents and homeownership is a critical piece of that work.”

DHCA committed the first round of funding for the McHAF to HOC in June 2019. Before the end of July 2019, the entire $1 million in funding was expended, providing 44 households with an average secondary loan of $22,727. Households that received McHAF assistance had incomes ranging from $45,000 to $152,303 – a clear indication that the McHAF funds support first-time homeownership for low- and moderate-income families determined to take advantage of the abundance of career opportunities, high-performing schools, and other amenities Montgomery County has to offer.

HOC looks forward to comparable success in meeting the demand of first-time homebuyers in Montgomery County with its second round of funds for the McHAF. Funds are accessible beginning Tuesday, January 21 and will be available until expended.

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About the Housing Opportunities Commission of Montgomery County (HOC) 

The mission of the Housing Opportunities Commission is to provide affordable housing and supportive housing services that enhance the lives of low- and moderate-income families and individuals throughout Montgomery County, Maryland so that:

  • No one in Montgomery County lives in substandard housing;
  • We strengthen families and communities as good neighbors;
  • We establish an efficient and productive environment that fosters trust, open communication and mutual respect; and
  • We work with advocates, providers and community members to maintain support for all the work of the Commission.

To accomplish these goals, HOC focuses on three things: getting people housed, keeping people housed, and helping customers reach their fullest potential. HOC provides affordable housing resources to nearly 15,000 Montgomery County residents, owns more than 8,000 rental units, and provides assistance to more than 7,000 low-income households – many of whom are elderly and persons with disabilities – through the Housing Choice Voucher program.