The City Of Takoma Park is seeking applications for its Home Stretch – Down Payment Assistance Program to provide financial assistance to eligible individuals and families seeking to achieve homeownership.
Donor Name: City Of Takoma Park
State: Maryland
City: Takoma Park
Type of Grant: Grant
Deadline (mm/dd/yyyy): Ongoing
Grant Size: $10,000
Details:
- Residency Requirements
- Applicant(s) will be required to certify that, during the five year affordability period:
- The home purchased with assistance from The Home Stretch Program will serve as his/her/their principal residence. Annual occupancy recertification must be made throughout the affordability period;
- He/she/they will not own or purchase an additional dwelling of any kind; and
- He/she/they will not sublease or otherwise rent his/her/their home, or any portion thereof, to another person(s).
- Applicant(s) will be required to certify that, during the five year affordability period:
- Loan Structure and Requirements
- Assistance is provided in the form of a 0% interest, deferred payment loan, forgiven at 20% per year after the first year of purchase.
- If the home purchased with assistance from The Home Stretch Program is sold or vacated within the five-year affordability period, the owner is responsible for repayment of the full amount of the loan that has not been forgiven.
Funding Information
$10,000 is available for down payment assistance per eligible individual or household, on a first-come, first-served basis.
Eligibility Criteria
- Applicant must be a “first-time homebuyer.” For the purposes of this Program, a first-time homebuyer is defined as one who has not owned property in the last five (5) years.
- Applicants must be income eligible. Income limits for specific household sizes are provided in the chart below.
- These limits are calculated based on an adjusted percentage of the Area Median Income (AMI) for Montgomery County, as published by the U.S. Department of Housing and Urban Development.
- Applicant must successfully complete a homebuyer education course approved by the City of Takoma Park prior to receiving assistance.
- The home, whether a single-family attached or detached home or a condominium, must be located in the City of Takoma Park.
- The home must successfully pass a certified home inspection.
For more information, visit City Of Takoma Park .
