Detroit launches Downpayment Assistance program with 13 lenders ready to help more Detroiters become

Подробнее о видео

Watch: Mayor Mike Duggan, City Council members and the Detroit Housing & Revitalization Department announced a landmark program today that will provide Detroiters who do not currently own a home with up to $25,000 in downpayment assistance to help them realize the American Dream of homeownership. The program is available to lower income earners who may be able to afford a monthly mortgage payment buy don’t have savings enough for a downpayment. For a single person to qualify, for example, they would have to earn less than $41,000 per year.

The program is part of a $203 million Affordable Housing Plan that Mayor Duggan and Councilmembers Latisha Johnson, Mary Waters, Angela Whitfield Calloway and Gabriela Santiago-Romero unveiled last July. Downpayment assistance was among Johnson’s contributions to the housing plan, with the issue being a major priority for the councilwoman, who spent 15 years in the community fighting for increased access to home ownership for Detroiters.

Funded by $6 million in American Rescue Plan Act (ARPA) funding, the Detroit Downpayment Assistance Program provides qualifying Detroit households grants of up to $25,000 for a downpayment. Funding also can be used for other home purchase-related expenses, including prepaids (such as escrow deposits for property taxes), interest rate buy-downs, closing costs and reduction in principal. The program is expected to help between 240 and 400 lower-income and middle-class homebuyers in the next two years, depending on the amount each family needs in downpayment assistance.