Page 376 - FY 2025 Adopted Operating Budget and Business Plan

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Build Unity

Goal 1: Implement Strategies to Eliminate Racism and Other
Forms of Discrimination and to Advance Unity in Arlington
Objective 2: Address Housing Disparities
Project Performance Measure(s) Department(s)
BU Mortgage Readiness Number of voucher-assisted families Housing
1.2.2 who become mortgage-ready
Summary:

Homeownership is a crucial step toward building wealth Mortgage Ready HCV Households
for families. The Housing Choice Voucher program 4
allows assisted households to use their voucher
assistance for homeownership. Housing partners with 3
the Housing Channel and other organizations to help
families prepare for homeownership. Housing Channels 2
metrics for homeownership include a credit score of 640
or higher, savings of at least $5,000, and living within a 1
balanced household budget.
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Housing’s goal is to assist 8 voucher-assisted households 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
become mortgage ready in FY 2024.
Goal Actual
Update:
We had a total of 8 participants reach out in the 4th
Quarter regarding interest in homeownership. We also
welcomed a new homeowner who purchased their first YTD Mortgage Ready Households
home through our homeownership program in 10
September.
8

6
4

2
-
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

Goal Actual

3