The City can provide down payment assistance, 5% or 10% of the purchase price, for an existing home. Homes considered for purchase must be pre-approved and meet the Housing Quality Standards. The City will also provide closing cost assistance of up to $3,500 for eligible closing costs. In no case will the down payment and closing cost assistance exceed $10,000. The assistance is a zero-interest, deferred payment loan with a minimum of $1,000 and a maximum of $10,000 for the down payment and closing cost for the purchase of an existing home.
The assistance for newly constructed homes will also be provided at zero-interest, deferred payment loan with a minimum of $2,500 and a maximum of $20,000 for down payment based on the family income and size. The City will also provide closing cost assistance of up to $4,000 for eligible closing costs. In no event will the total assistance exceed $24,000.
To be eligible households must have an annual income that is less than the income limits set by the U.S. Department of Housing and Urban Development (HUD) every year. To determine your eligibility refer to the following table. (Income limits change annually typically in June or July.) The current median income for a household of 4 is $73,900.