Detroit down payment assistance program offers up to $25,000 -- Here's who qualifies
DETROIT (FOX 2) - A new program aims to make it easier to own a home in Detroit by offering down payment assistance.
Qualifying Detroiters will be eligible for up to $25,000 in down payment assistance. It is geared toward renters in the city, though people who lost their home to foreclosure in 2010 through 2016 can also use the program.
"You’re a renter in the city for the last year, you can get downpayment assistance for up to half the cost of your house, up to $25,000. And we’re going to do this through an allocation of $6 million from President Biden and the American Rescue Plan," Mayor Mike Duggan said. "This is for people in the city who are paying 800, 1000, 1200 a month in rent. If you are paying that now there is an excellent chance you can buy a house and pay your taxes, and it’ll cost you less per month than it does to rent."
Applicants must prove they have lived in Detroit for the last 12 months, or that they lost a home in the city due to property tax foreclosure between 2010 and 2016.
- 1 person household - $43,740
- 2 person household - $59,160
- 3 person household - $74,580
- 4 person household - $90,000
- 5 person household - $105,420
- 6 person household - $120,840
- 7 person household - $136,260
- 8 person household - $151,680