What are the affordable homebuyer programs?
MOHCD currently has 3 homebuyer programs, as well as additional loan programs to help homebuyers. To apply, you must meet the other eligibility requirements and complete homebuyer education. Your housing counselor will help you figure out which program is best for you.
Units sold below market rate, in market-rate buildings. They are also re-sold at below-market-rate prices. Buyers can also apply for downpayment assistance on these units.
Downpayment loan up to $375,000 (as funds are available), to bid on a property on the open market. You can re-sell the unit at market prices.
Downpayment loan up to $375,000 (as funds are available), to bid on a collection of properties also advertised on the open market. You can re-sell the unit at market prices, but the City has the option of selecting a buyer from the City Second Loan Program to match the first bid.
This table summarizes the major features of the three homebuyer programs. There may be other requirements when you sell the property.
|BMR||DALP||City Second Loan|
|Pre-approved loan requirement||Yes||Yes||Yes|
|Outcome||Loan or housing||Housing unit||Downpyament loan||Downpayment loan|
|Placement||Lottery||As units available||1x/year|
|1st come 1st serve||Yes|
|Availability||Limited to certain properties||Yes||Yes|
|Open-market pricing & bidding||Yes||Yes|
|Reselling/ Repayment||Notify City if reselling||Yes||Yes||Yes|
|Resell at market rate||Yes||Yes|
|City can select buyer when reselling||Yes||Yes|
|Repay City loans||Yes||Yes|