Business and Development -- Planning

Up to $25,000 for a family of one or $35,000 for a family with more than one member is available in DPA funds for eligible applicants. The program provides second mortgage loans to purchase new and existing single-family homes, and condominiums.
The Down Payment Assistance Mortgage will be a Shared Appreciation Mortgage. The interest rate on the down payment assistance mortgage is 0% and no monthly payments are required. Repayment of the principal balance of the loan plus a portion of the net appreciation is required when the home is sold, the property is transferred, the home is no longer owner- occupied or 30 years has passed.
Homebuyers agree to reside in the home as their primary residence, or repay the loan in full.
A homebuyer's income must be at or below 80% of the area median income, adjusted to household size, as shown below:

Additional assistance is available to homebuyers who are purchasing a newly constructed home that has never been occupied from the builder or developer.

The purchase price for any home cannot exceed $216,000 for a three bedroom home, $206,000 for a two bedroom and $196,000 for a one bedroom home.

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