Home buyer Assistance Program (Program Closed)
Non-profit
community development organizations and/or for-profit corporations may
use funding to acquire, rehabilitate and resell vacant single-family
property and under limited circumstances, construct new single-family
housing.
Eligible home buyers/applicants’ incomes cannot exceed 80 percent of the area median income base on family size.
The
City of Detroit will finance a portion of the total development costs.
(pre-development, acquisition, soft costs and rehabilitation or new
construction) The per unit total development cost cannot exceed
$180,000 for new construction and $140,000 for rehabilitation
projects. (Total development cost is the total cost to acquire and
rehabilitate the property which shall not exceed twice the after
construction appraised value of the property.)
Zero (0) percent
low-interest rate loans may be used to make the units affordable to
families with incomes at or below 80 percent of the area median.
Contact Person: Willie B. Moore, Manager I (313) 224-3461