The program funds are available for the Community Connections Home Buyer Assistance Program.
Eligible applicants can submit an application when they have signed a Sales/Purchase Contract on a property.
The Community Connections Home Buyer Assistance Program offers a fully forgivable, 10 year, 0%, $30,000 loan to all Local 1001 positions who are in good standing and not on probation. The City will confirm status.
The $30,000 can be utilized for all customary closing costs, down payment assistance and principal reduction. The funds for closing are wired directly to the title company. Cash out is not allowed.
They require a 15 Business Day Closing Notice to request the wire for closing, no exceptions.
Applicants must meet the income guidelines. The total gross household income as well as all sources of income are utilized to determine eligibility.
Applicants must purchase a 1 (Single Family, Condo, Townhouse) or 2 unit property in the specified census tracts in the program’s targeted communities see attachment.
Applicants must reside in the property as their primary residence for 10 years. Should they move or sell before the 10th year, they must pay back the balance of the $30,000 at 0% interest. The City will monitor the residency requirement.
Applicants are not required to be a 1st time home buyer. However, they must reside in the property purchased through the program as their primary residence for 10 years.