Down Payment Assistance Program Launches in Takoma Park

New Home and KeysIn an effort to help residents achieve homeownership, Takoma Park City officials have launched a new down payment assistance program.

The program entitled, “The Home Stretch,” is expected to help five individuals or families with obtaining homeownership, according to a news release.

City officials set aside $50,000 in the FY17 budget to launch this program.

To be eligible for assistance:

  • 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 past five (5) years.
  • Applicant’s income must not exceed 80% of the Area Median Income (AMI) for Montgomery County. For a family of four, for example, the maximum allowable income is $86,600 for 2016. The median income for the County is $108,600.
  • Applicant must successfully complete a homebuyer education course approved by the City of Takoma Park prior to receiving assistance.
  • The home must be located in the City of Takoma Park.
  • The home must serve as the applicant’s principal residence

Click here for more information about the program and how to apply.

 

 

Mitti Hicks

About Mitti Hicks

Mitti Hicks is a multimedia journalist and community engagement specialist with Montgomery Community Media. She is passionate about telling stories that impact our community and may be reached at MHicks@mymcmedia.org and on Twitter @mittimegan.

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