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Down Payment Assistance
The Program provides first-time homebuyers interested in purchasing their first
home in the City with down payment assistance. To be eligible, an
applicant’s annual household income must not exceed 120% of median
income, have not owned a home in the last three (3) years, and contribute
$1,000 towards the purchase.
The EDA will provide up to 10% of the purchase price of the home with the maximum purchase price of $250,000;
these funds can be used towards the down payment and/or pay a portion of the
closing costs. The loan is a deferred silent-second with no monthly payments
and forgiven if the homeowner resides in the home for a period of forty-five
(45) years. However, the loan must be repaid, plus a certain percentage in
equity share depending on when the home is sold, tran ferred, refinanced or
converted into a rental property.
Contact: Economic Development Agency (909) 663-1044
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