Down Payment Assistance Program Launches in Takoma Park
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.