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Thread: Down payment assistance programs

  1. #1
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    Down payment assistance programs

    I may propose to our Board of Trustees for the upcoming budget season establishing a fund for an employee down payment assistance program to purchase a primary home. Do any cities or towns that you work for have such a program? If so could you provide with the program information and contacts. Can

    Thanks in advance.

  2. #2
    moderator in moderation Suburb Repairman's avatar
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    This is something our city has considered off & on for the past couple of years, but it has never gotten traction. Our problem is nobody at the city with kids wants to live in our crappy school district--its not really a cost issue because we have plenty of affordable housing.

    I don't know of many cities that have enacted such policies, but I think you could look at other cities' First Time Homebuyer programs for an idea of what such a policy should include (eligible costs, income requirements, relationship regarding primary lien, etc.). If you like, I'll dig up our 1st Time Homebuyer program and post it.

    "Oh, that is all well and good, but, voice or no voice, the people can always be brought to the bidding of the leaders. That is easy. All you have to do is tell them they are being attacked and denounce the pacifists for lack of patriotism and exposing the country to danger. It works the same way in any country."

    - Herman Göring at the Nuremburg trials (thoughts on democracy)

  3. #3
    Cyburbian MDGARD01's avatar
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    Atlanta does this I beleieve

  4. #4
    Cyburbian Plan 9's avatar
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    I can't say that I've heard of a city providing that benefit for employees (would have been nice though). It would have to be some kind of a loan though, otherwise it would likely be an illegal "gift of public funds".

  5. #5
    Cyburbian Greenescapist's avatar
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    The city where I used to work- Newton, MA offers a program where city employees, as well as others in the community may receive down payment assistance up to $100,000 if they earn at or below 80% of the HUD area median income.

    In exchange for the funds, they must sign a deed-rider which guarantees the unit gets resold to another family that qualifies for affordable housing.

    The program is popular, but there is a lot of paperwork and process to get from an application to an actual purchase.

  6. #6
    Cyburbian martini's avatar
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    IIRC, Carbondale, the town 'next' door provides such a program.
    You're more boring than you know.

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