City makes improvements to Down Payment Assistance and Rent Local programs

City makes improvements to Down Payment Assistance and Rent Local programs

Post Date:02/08/2023 11:18 a.m.

SEDONA, Ariz. – The city of Sedona recently made changes to its Down Payment Assistance and Rent Local Programs with the hope of attracting more participants to the programs.

First, the Down Payment Assistance Programs now offer up to $40,000 for down-payment and closing cost assistance (including rate buy-downs) instead of $25,000.

The program, which is managed by Housing Solutions of Northern Arizona, provides all Sedona workers help with their down payment for a home purchase in the Verde Valley.

Second, the Rent Local Program was amended so that now property owners must only refrain from short-term renting for one year instead of three years. This program pays homeowners up to $10,000 per year to convert their short-term rental into a long-term rental.

“The changes keep these programs current with our market realities and the urgent need for affordable housing in Sedona, but there is far more work to do in addressing our housing crisis,” said Shannon Boone, city of Sedona housing manager.

For more information on either of these programs, go to www.sedonaaz.gov/housingand for the Down Payment Assistance Programs specifically, go towww.housingnaz.org/pre-purchase-assistance.