Choices in Homeownership Incentives Created for Everyone (“CHOICE”)
               
The HMFA hosted two training sessions in January 2009 for its Choices in Homeownership Incentives Created for Everyone (“CHOICE”) program.  The trainings were attended by over 175 developers, lenders, consultants and government officials.  The 2009 CHOICE program will offer $20 million in subsidy for affordable and emerging market units.  CHOICE funds development gap subsidy needs, one-half of the construction loan (along with a lead lender which fund the other half) and 100% Financing purchase money mortgages for the buyers of the completed CHOICE units. 

New for 2009 will be regional and municipal distribution requirements so that the benefits of the program will be spread fairly around the State.  New Green Futures construction features are being introduced for the 2009 program.  In addition to CHOICE staff  presentations lead by Construction Loan Officer Supervisor Joyce Earley and Construction Loan Officer Anthony Kasperek, presentations were made by Natashia Encarnacion of the Housing Affordability Service staff, Gabe Nathanson of the Green Homes Office and Stephone Mickler of the Single Family mortgage originations group.