Homeownership Assistance Program
The Homeownership Assistance Program was established in 2010 in an effort to meet a demand among IHT’s clients for a program that offered assistance in the purchase of an existing residential property on Mount Desert Island that would become their year-round home and would otherwise be unaffordable to them without IHT. Viewed by the Island Housing Trust Board of Directors as a form of “infill,” HOAP (pronounced “hope”) provides an opportunity to negotiate a willing seller-willing buyer agreement for the purchase of a year-round residential property in any of the four MDI towns. A working family can apply for IHT assistance in bridging the gap between the negotiated purchase price and the amount a local financial institution will lend the applicant for a mortgage loan. This so-called bridge funding makes it possible for the qualified applicant to secure the financing necessary to complete the purchase. In return, IHT requires the applicant approved for HOAP funding to agree to our affordability covenants, which keep the property affordable to future working families and individuals.