The Affordable Homeownership Opportunity Program (AHOP) provides an opportunity for income-eligible buyers to purchase their first home. DAHC acquires modest, single-family homes throughout Denton County and prepares them for sale to qualified families. A comprehensive inspection is obtained from an independent professional inspector to determine what repairs are necessary. DAHC then retains private contractors to complete the necessary renovations. The homes are marketed and sold in ready-to-move-in condition, at prices affordable to low-income buyers. The buyers obtain mortgage financing from one of the local lenders participating in the AHOP program.
AHOP home sold in 2005
As a qualified nonprofit, DAHC has been approved by HUD to participate in their Single-Family Disposition Program and most of the homes renovated and sold through the AHOP program have been purchased from HUD at a discount. The discount ranges from 10 percent to 30 percent, depending upon the location of the house. This discount is one of the primary mechanisms by which DAHC is able to keep their homes affordable.
In order to qualify for AHOP, the homebuyer must (1) meet the income eligibility guidelines (e.g., typically have an income at or below 80% of the Area Median Income); (2) have not owned a home in the past three years; (3) plan to live in the AHOP home for at least five years; and (4) qualify for mortgage financing through a participating lender.
