DETROIT (WXYZ) — The city of Detroit is launching a down payment assistance program focused on helping more Detroit residents become homeowners.
The Detroit Downpayment Assistance Program, which is reportedly funded by $6 million in American Rescue Plan Act dollars, is part of the $203 million Affordable Housing Plan released last year.
Detroit Mayor Mike Duggan, city council members and the Detroit Housing & Revitalization Department today introduced the program that aims to give Detroiters looking to own a home up to $25,000 in down payment assistance.
The funding can also reportedly be used for home purchase-related expenses.
According to the city, residents who are lower-income earners are eligible. This program is expected to help hundreds of lower-income and middle-class homebuyers over the next few years.
“It is vitally important that as property values continue to climb, people of varying incomes are able to buy a home,” Councilmember Johnson said in a press release. “Owning a home provides stability for them and their family. Having to move because your landlord has increased your rent means not only having to find a new place to live, but also uprooting your child from their school, leaving friends and relationships you have developed, and possibly leaving the community you love and call home. This program is about helping more Detroiters to remove that instability so that they can feel secure in their future.”
Eligibility:
The total household income for applicants cannot exceed the following income limits per household size:
1 Person: $43,740; 2 Person: $59,160; 3 Person: $74,580; 4 Person: $90,000; 5 Person: $105,420; 6 Person: $120,840; 7 Person: $136,260; 8 Person: $151,680
-Detroit residents must not have held an interest in property in the last three years
-Applicants must prove they’ve lived in Detroit for last 12 months
-Or that they’ve lost a home in the city to property tax foreclosure between 2010 and 2016
-If you receive a grant, you must use the home as the principal residence for three years after the award
-Full eligibility requirements here: www.detroitdpa.org [lnks.gd]
Here’s how to apply:
- Find a lender from among the 13 partner organizations in the program. The participating lenders are Bank of America, Chase, CIBC, Citizens, Fifth Third Bank, First Independence Bank, First Merchants Bank, Flagstar Bank, Huntington Bank, Independent Bank, Liberty Bank, PNC Bank and Rocket Mortgage.
- Find a house you want to buy.
- Apply to the program at www.detroitdpa.org [detroitdpa.org].
