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Funding for the program is provided through the U.S. Department of Housing and Urban Development (HUD) HOME Investment Partnerships (HOME) Program. This program will provide qualified low- and moderate-income (LMI) *first-time homebuyers with down payment and/or closing cost assistance. Assistance will be provided on a first-come, first-served basis in amounts not to exceed $5,000 per applicant. Qualifying homebuyers must be employed, provide requested income documentation, and must participate in the County's Affordable Housing Counseling and Education Program.
The funds will be granted to eligible applicants as a deferred forgivable loan, which requires pro-rated repayment if the occupant sells the house or no longer occupies the house as their primary residence within five (5) years of the grant award. All loan policies are subject to HOME Investment Partnerships regulations.
*According to the IRS, a first-time homebuyer is any individual (or spouse, if married) who had no present ownership interest in a qualifying principal residence during the three-year period ending on the date of the purchase of the principal residence.
General eligibility requirements to receive assistance for this program are:
Number of Persons in Household
Maximum Allowable Income
Source: US Department of Housing & Urban Development. Figures on this chart are subject to change without notice, as calculated by HUD.
If you are interested in applying for assistance through the Homeownership Assistance Program or have questions, please contact the Community Development Department Grant Programs Division at (803) 785-8121 or via e-mail at email@example.com.