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 grant makes it possible for the qualified applicant to secure the financing necessary to complete the purchase. In return, IHT requires the applicant approved for a HOAP grant to agree to our affordability covenants, which keep the property affordable to future working families and individuals.