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Parkview Services’ Homeownership Program

Parkview Services’ Homeownership Program. A non-profit agency that supports people with developmental disabilities and their families. Founded in 1967 with the state’s first group home, currently Parkview supports more than 500 people and families a year.

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Parkview Services’ Homeownership Program

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  1. Parkview Services’Homeownership Program

  2. A non-profit agency that supports people with developmental disabilities and their families. Founded in 1967 with the state’s first group home, currently Parkview supports more than 500 people and families a year. Parkview’s programs are: Affordable Housing, Camp Parkview, Group Home, Homeownership, Stepping Out for Fun, and Home Maintenance. Who is Parkview?

  3. 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

  4. Program Overview • Home Buyer Education and Counseling • Down Payment Assistance

  5. 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

  6. 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.

  7. 2007 Income Limits

  8. Down Payment Assistance * Blue cannot be combined with red

  9. Homeownership Scenarios

  10. 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

  11. 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

  12. 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

  13. 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

  14. 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

  15. Why Homeownership? • A Note From Parkview’s 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!”

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