Local Initiatives Support Corporation (LISC)
City of Phoenix HOMESTART Program —
Funded by City of Phoenix HOME Funds
CHRA was selected in 1996 to provide pre-purchase counseling for potential buyers of LISC’s HOMESTART properties. Community Development Corporations (CDCs) participating in HOMESTART refer homebuyers to CHRA whose counselors work with the CDCs, homebuyers and participating lenders throughout the homebuying process. CHRA also administers a subsidy program that provides forgivable second mortgages for eligible buyers of HOMESTART properties. The loan’s outstanding principal balance will be reduced $1,500 each year the borrower maintains the property as their principal residence, making it possible for the entire principal balance to be forgiven. Program participants must contribute a minimum of $1,000 from personal funds for downpayment or closing costs. Applicants must be first-time homebuyers with acceptable credit who qualify for a fixed-rate mortgage.

NewHOME Program
‘Infill’ is the concept of new building, including housing, in empty pockets that open up in a community to replace older undesirable structures, or on land that has become vacant. CHRA provides pre-purchase counseling and administers a loan program that provides downpayment assistance deferred payment loans of up to $25,000 to eligible low-income Phoenix households to assist with the purchase of affordable new homes built in infill areas within the City of Phoenix. The loan’s outstanding principal balance will be reduced $1,500 each year the borrower maintains the property as their principal residence, making it possible for the entire principal balance to be forgiven. Program participants must contribute a minimum of $1,000 from personal funds for downpayment or closing costs. Applicants must be first-time homebuyers with acceptable credit who qualify for a fixed-rate mortgage.