The Down Payment Assistance Program offers funding to prospective homebuyers who are purchasing their first home within the City limits.
Donor Name: City of Carbondale
State: Illinois
City: Carbondale
Type of Grant: Grant
Deadline: 02/28/2023
Size of the Grant: $3,000
Details:
It should be noted that this program is for applicants who are in the process of purchasing their homes. You must obtain a sales contract to attach to this application and allow time for application review and the potential disbursement of funds before closing on the home.
Funding Information
The City will provide no less than $500 and no more than $3,000 towards the down payment of the home.
Eligibility Criteria
- Applicant must be purchasing a home through a simple mortgage with the intent to own and occupy the home as his/her principal residence
- The home must remain at single-family occupancy
- The home must be the applicant’s first home purchase within the corporate limits of the city of Carbondale
- The household cannot earn more than 180% of the median area income (MAI)
- The applicant must provide matching funds towards the down payment proportionate to the household income
- Applicant must enter into a grant agreement with the City and place a restrictive covenant on the home which will require a portion of the grant funds to be repaid in the event the home is no longer maintained as the applicant’s principal residence. The grant funds will be prorated and forgiven in equal amounts each month the home remains owner-occupied, with all funds being forgiven five years after the grant.
For more information, visit City of Carbondale.
