Basic Eligibility Requirements for Down Payment Assistant

  • Annual household income, calculated pursuant to HUD Section 8 Rules, may not exceed 80% of the median family income as prescribed by the HOME Investment Partnership Program.

                   1 Person $33,650    2 Person $38,500    3 Person $43,300    4 Person $48,100

                   5 Person $51,950    6 Person $55,800    7 Person $59,650    8 Person $63,500

  • Participating households must be enrolled in an Individual Development Account (IDA) program or participate in a Family Self-Sufficiency Program (FSS program through their local public housing authority).
  • IDA Program participating households must save for a minimum of ten (10) months.
  • Participants must successfully complete a homebuyers counseling program.
  • Subsidy must be used only toward down payment or closing costs in conjunction with the purchase of a housing unit to be used as the homebuyer’s primary residence.
  • The buyer(s) must be a first time homebuyer, defined as one who has not owned a home during the past 3 years.

     Applications are processed on a first come - first serve basis, providing the buyer has satisfied all requirements. Funds are subject to availability.

 

If you or anyone you know are interested in this program, please contact me ASAP.