City of Durham issued the following announcement on Mar. 21.
Up to $20,000 Available for Down Payment and Closing Cost Assistance
Durham residents who are in the market to buy their first home will soon be able to apply for up to $20,000 for down payment and closing cost assistance from a new City of Durham program.
The Down Payment Assistance (DPA) program is funded through the City’s Community Development Department and is being administered by Community Home Trust, a local nonprofit affordable housing organization.
Beginning on Monday, March 28, low-income persons and families will be able to apply online for financial assistance to help purchase a home within the Durham city limits. Eligible homebuyers may receive up to $20,000 for down payment and closing cost assistance. Funds will be provided as a forgivable loan with 0% interest rate and a 15-year term. Loans will be made on a first come, first served basis to eligible applicants until $5.7 million in available program funding is depleted.
“Housing prices in Durham have risen dramatically,” said Mayor Elaine O’Neal. “Our new Down Payment Assistance Program will help bring homeownership within reach for many people who live or work in Durham but are priced out of the current for-sale market.”
To be eligible for the program, applicants must:
- Earn less than 80% of the area median income (AMI)
- Must not have owned a home for the past three years
- Must have worked or lived in the Durham city limits for at least 12 months
- Must plan to use the home as their primary residence
Funding for this program is being provided as part of the City’s Forever Home, Durham program, a $160 million investment in affordable housing which is supported in part by a $95 million affordable housing bond approved by voters in 2019. Additional funding comes from United States Department of Housing and Urban Development HOME Investment and Community Development Block Grant programs.
In addition to accepting and processing applications and providing homebuyer education to applicants, Community Home Trust is also available to make virtual or in-person presentations to groups who want to learn more about the City’s new program.
For more information, visit the program website or contact Community Home Trust Community Engagement and Outreach Coordinator Ivelisse Mercado by email or call 919-967-1545, ext. 302. Assistance in English and Spanish is available and translation services can also be arranged for other languages.
Original source can be found here.
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