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<br />1 <br /> <br />First-Generation Homebuyer Grant Overview <br /> <br />The Washington County Community Development Agency (the "Agency") is committed to <br />supporting affordable homeownership and reducing the homeownership disparity gap within <br />Washington County. The Agency’s First-Generation Homebuyer Grant is available to provide <br />additional resources to first generation homeowners within Washington County to support their <br />entry into sustainable homeownership. First generation homeowners do not have the benefit of <br />generational wealth that can be created and passed down through homeownership. They also <br />do not have the benefit of sustained exposure to the rights and responsibilities of <br />homeownership. The First-Generation Homebuyer Grant provides additional support for these <br />new homebuyers, both financially and educationally. <br /> <br />Grant Purpose <br /> <br />The First-Generation Homebuyer Grant is available to: <br />• Support affordable homeownership for first generation homebuyers in Washington <br />County. <br />• Reduce the homeownership disparity gap within Washington County. <br />• Provide education on the homebuying process, as well as the rights and responsibilities <br />of homeownership. <br />• Leverage public and private sector funds. <br /> <br />Delegation of Authority <br /> <br />The Agency's Board of Commissioners has established this policy to guide the use of the <br />Agency’s Homebuyer Grant. Agency staff are responsible for ensuring that funds are provided <br />only to eligible applicants and expended only for allowable costs. Applications for First- <br />Generation Homebuyer Grants shall be reviewed and approved by designated Agency staff in <br />accordance with this policy. <br /> <br />Capitalization of First-Generation Homebuyer Grant Program <br /> <br />First-Generation Homebuyer Grant sources consist of, but are not limited to, those listed below. <br />Grant awards must meet the statutory requirements of the applicable funding source(s). <br /> <br />• State and Local Affordable Housing Aid: Funds allocated by the State of Minnesota to <br />Washington County via the Local Affordable Housing Aid and Statewide Local Housing <br />Aid Acts, MN Statutes §477A.35 and §477A.36, respectively. <br />• CDA Levy: The Agency may appropriate funds through the Agency's special benefit levy <br />when approved by the Agency Board of Commissioners. <br />• Match Funding: From time to time, the First-Generation Homebuyer Grant program may <br />receive additional funds from outside sources, including public, private, or philanthropic <br />funds. Moneys received from other sources will be deposited into the First-Generation <br />Homebuyer Grant program and used to award grants. <br /> <br />Funding Availability <br /> <br />First-Generation Homebuyer Grant funds are available on a first come, first served basis. <br />Applications will be accepted throughout the year as long as uncommitted funds are available <br />and the application meets the First-Generation Homebuyer Grant requirements.