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November 10, 2024 -The City of Decatur has partnered with Heartland Bank & Trust and Regions Bank to launch a Homebuyer Assistance Program that will help low- to moderate-income residents with homeownership opportunities.
The Homebuyer Assistance Program is a city-wide program providing down payment and closing cost assistance to homebuyers toward a single-family home. These banks will refer to the City’s financial assistance program and will ensure residents meet the requirements.
“Homeownership is attainable in the City of Decatur and our program is putting people on the path to long-term success,” said City Economic & Community Development Assistant Director Richelle Dunbar. “But we can’t do it alone, so we are grateful for Heartland and Regions being the first banks to make it possible for residents to become homeowners.”
Some basic requirements to qualify for assistance from the City of Decatur include:
- Home purchase price must be at or below $117,800
- Must have a signed contract for the home
- Must be approved for a primary mortgage
- Must have a closing company/attorney with a closing date
- Must attend and produce a homebuyer counseling certificate from a HUD certified counseling agency (such as the Community Investment Corporation of Decatur)
- Must attend a City-approved property maintenance course
- Cannot owe the City any fines, fees, or taxes
- Applicants must meet median family income requirements
- Residents must use the home as their primary residence for a minimum of 5 years
The amount of assistance granted depends on the financial need of the applicant and price of home, among other factors. Financial assistance will be a deferred forgivable loan that ensures the City can confirm the property acquired is safe, sanitary, and affordable. For more information, visit https://decaturil.gov/423/Homebuyer-Assistance-Program or reach out to Aaron Eubanks, aeubanks@decaturil.gov and 217-424-2797.
This program is part of the Decatur Homebuyer Initiative, a community-wide program preparing residents to become homeowners. Learn more at https://www.investindecaturcicd.org/dhi
