Many families have benefited from Detroit’s Down Payment Assistance Program by becoming first-time homeowners.
The second round of applications is now open. Many families have benefited from Detroit’s Down Payment Assistance Program by becoming first-time homeowners. The second round of applications is now open.
“We get to have a place that we get to call home and do life in,” declared Michael Williams, who was standing beside Megan, his partner. “We’ve been able to have over 100 different people in our home for dinner. Megan been cooking; she’s been going crazy.”
Residents of Detroit who benefited from the city’s program expressed their excitement about their new residences as Detroit Mayor Mike Duggan and representatives from the White House convened on Thursday to declare that an additional 300 soon-to-be homeowners would be eligible for housing aid.
“My mom never bought a home. My siblings never bought a home. So this is great for me,” added Satin Adams, a fellow first-time house buyer.
As part of the scheme, money was given to the families of Adams and Williams to be used as a down payment on their new homes.
“You have to be of middle to lower income and you have to had lived in Detroit for one year as a renter,” Duggan stated.
During the first round of the program, families were able to purchase a home with a down payment of up to $25,000 provided by the American Rescue Plan.
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“We saw 434 people in a matter of months (who) bought their home through this program,” the mayor continued. “You can buy a house, pay the taxes, pay the mortgage for less than what you’re doing and you never have to worry about moving again.”
The coordinator of the American Rescue Plan, Gene Sperling, stated that, “Those who received or attended homeownership counseling… they were more financially prepared, their credit score improved, and some avoided major pitfalls.”
The City of Detroit will use $7 million in federal and partner money in the second phase. In the Morningside subdivision, the news was made, and the leader of the American Rescue Plan even came to offer encouragement.
Others “just need that down payment help to become a homeowner and take another step in the American dream,” he stated.
The next round of down payment aid is now accepting applications.
Click here for the application and other details.
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