Sample Application (1 of 2)

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Information About Innovation:

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Summary (Please limit response to 500 characters):
	Homewise, Inc. of Santa Fe, New Mexico has developed a strong relationship with the local Board of Realtors to improve services to first-time homebuyers in the Santa Fe area.

Detailed Description (Please limit response to 3500 characters):
	Homewise, Inc. was founded in 1986 as Neighborhood Housing Services of Santa Fe to provide home-improvement loans to low-income residents living on the west side of Santa Fe. In 1992, the organization expanded its services to include home purchase assistance, home repair, pre- and post-purchase classes and affordable home development. The mission of Homewise is to strengthen families, create wealth and build strong communities by helping modest income residents become successful homeowners. The relationship between Homewise and the Santa Fe Association of Realtors (SFAR) began when SFAR discovered a surplus in their reserve funds in 2003 and decided to use the surplus to help address the affordable-housing crisis in Santa Fe. SFAR contributed $100,000 to Homewise's down-payment assistance program, to be distributed over the course of two years: $50,000 in 2003 and $50,000 in 2004. Through the down-payment assistance program, qualified households may receive up to $5,000 in the form of a zero-percent deferred loan, which is due upon sale or transfer of the property. Borrower's income cannot exceed 80 percent of the area median income and the buyer needs to keep the home as their primary residence. The down-payment loan may be packaged with other Homewise lending products to make the entire mortgage affordable, if the borrower is eligible for these programs. The home must be purchased in Santa Fe County. Every loan customer is required to participate in Homewise's eight-hour homebuyer education class. Some participants also choose to participate in the Financial Fitness class, though Financial Fitness is not required. During the startup period, Homewise met regularly with SFAR executives to determine the guidelines of the program and parameters of funding. Ongoing communication consists of lunch meetings between SFAR and Homewise directors and occasional staff attendance at multiple listing service (MLS) meetings. MLS meetings are held every week and provide Homewise staff with an opportunity to give program updates. SFAR is responsible for marketing the down-payment assistance program to their Realtors® who, in turn, market the program to their customers. Homewise has added to SFAR's marketing efforts by printing up pamphlets and prompting media coverage. Homewise kicked off the program by organizing an event with the lieutenant governor to announce the program, plus submits press releases and follow-up stories to local media, including the local government employee newspaper.

Projected Annual Operating Cost (Please limit response to 1000 characters):
	The primary cost associated with this partnership is staffing, though the staff time required is minimal. In addition, Homewise has spent approximately $1,500 dollars on marketing to include the brochure. All program expenses have been worked into the agency's overall budget.

Specific Outcomes or Results in Calender Year 2003 (Please limit response to 1000 characters):
	In 2003, the down-payment assistance from SFAR helped ten families to buy homes within three months of the contribution date. This obvious success was a determining factor in SFAR's decision to provide the second half of the contribution in 2004. Homewise will use the second half of the contribution to help an additional ten households buy homes in 2004. The partnership between SFAR and Homewise has greatly enhanced local Realtor's® knowledge of the programs and services available at Homewise, which is a great benefit to Homewise as well as Realtors® and their customers. SFAR's donation to Homewise was the largest of its kind in the United States. The donation clearly demonstrates the local real estate community's commitment to serving the housing needs of Santa Fe and has provided Homewise with a new and flexible resource. It is not yet clear if the extensive financial support from SFAR will continue, but the relationships that have developed as a result of this program will provide long-term benefits.

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