First time homebuyers may receive a $5,000 incentive from the Community Development Block Grant (CDBG) toward buying a home.
If your household income is equal to or less than the 80% Area Median Income (AMI) limit, you may qualify for this incentive.
This incentive is for first time home buyers
Homebuyer must earn their Homeownership Counseling Certificate from a City-approved counseling agency before writing a sales contract.
The home must be the homebuyer's primary residence
Homebuyer must invest a minimum of $1000 from personal resources
Incentive may be used toward downpayment and closing cost
Incentive is a five year forgivable loan (Your balance is forgiven by 20% each year, at the end of the five year you no longer have a balance.)
Homebuyer must receive a Housing Quality Standard home inspection on the property
This incentive may be used in addition to other incentives.
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