DETROIT – It’s the most significant barrier to reaching the dream of home ownership, but there’s help for Detroiters struggling to find the money for that big down payment.
If you’re a renter that’s lived in the city for the past 12 months, there’s a chance you qualify for up to $25k in down payment assistance on a new home.
“First come, first serve,” said Detroit Mayor Mike Duggan. “To everyone eligible. You have 13 lenders.”
It’s all part of a $203 million affordable housing plan promised in July 2022.
The first step is finding a lender. Thirteen banks, including Bank of America, Chase, and Huntington Bank, are participating.
Latisha Johnson is one of the council members spearheading that whole thing.
“There are so many opportunities for us to grow in this work,” said Johnson. “There’s definitely a need, and so we’re just looking to make sure we address the needs of the resident throughout the City of Detroit.”
Some exceptions can potentially be made for those who were overtaxed and lost their homes between 2010 and 2016.
“This allows an opportunity to respond to those residents and to give them another oath to homeownership,” said Councilwoman Mary Sheffield. “So in this program, they will have a preference, and not only are they eligible, but they will have a preference in this program.”
Overall the goal is to help Detroiters create more generational wealth.
“People looking to have something for their kids and whatnot, especially me, young, no kids to set up something for my family and future, you know,” said Tyreese Mapp.
Click here to learn more information about the program.