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Q2 2024 Homeownership Program Update

July 31,2024 | Posted By Jason Risley in Buying

In the second quarter of 2024, the Down Payment Resource (DPR) report highlighted numerous programs designed to assist people in buying homes. These initiatives aim to make homeownership more affordable and accessible. The report reveals an all-time high of 2,415 available programs, marking an increase of 213 compared to the same period last year.

Key Points from the Report

More Programs and Agencies:

New Programs: 42 new homebuyer assistance programs were introduced this quarter, increasing the total to 2,415.
New Agencies: An additional 29 agencies joined, expanding resources for prospective homeowners.
This represents the largest annual growth since reporting began in 2020.

Types of Homes Covered:

Some programs now support the purchase of multifamily properties, which include homes with multiple units:

724 programs cover two-unit properties.
491 programs support three-unit properties.
466 programs allow for the purchase of four-unit properties.

These options enable buyers to live in one unit and rent out the others, assisting with mortgage payments.

Income Requirements:

The majority of programs (2,193) have income limits, restricting eligibility to those earning below a specific threshold.
Notably, 222 programs do not impose income limits, a 27% increase from the previous year.

Funding Sources:

Many programs receive funding from federal, state, and local government grants:

Community Development Block Grants: 275 programs are funded this way, a 14% increase from last year.
U.S. Department of Health and Human Services: 31 programs are funded, up 19% from the last quarter.
American Rescue Plan Act (ARPA): 24 programs receive funding, marking a 26% increase from the previous quarter.

Special Programs:

First-generation homebuyer programs are increasingly popular, targeting individuals whose parents never owned a home.
For example, the Homeport & Federal Home Loan Bank (FHLB) of Cincinnati offers the Rise Up Program, providing a $25,000 grant to first-generation buyers.

Support for Manufactured Homes:

Manufactured homes, which are factory-built and often more affordable, are also covered by numerous programs.
There are 882 programs supporting the purchase of manufactured homes, a 3% increase from the previous quarter.

Multifamily Property Programs:

Programs supporting the purchase of multifamily properties are on the rise.
Buyers can reside in one unit and rent out the others, facilitating faster mortgage repayment.
For instance, the Texas State Affordable Housing Corporation offers Mortgage Credit Certificates (MCCs) for purchasers of two, three, or four-unit properties. These certificates provide a federal tax credit to aid with mortgage interest payments.

Assistance for People with Disabilities:

In July, during Disability Pride Month, 18 programs specifically designed for individuals with disabilities were highlighted.
These programs offer financial aid and modifications to make homes more accessible, such as installing ramps, handrails, or chair lifts.
Assistance ranges from $2,000 to $117,000 and is available in eight states and the District of Columbia. The Department of Veterans Affairs also offers a national program.

About Down Payment Resource (DPR)

Down Payment Resource (DPR) tracks over 2,300 homebuyer assistance programs, connecting homebuyers with financial assistance. Their tools are utilized by mortgage lenders, real estate agents, and others in the housing industry. DPR collaborates with nonprofits, housing finance agencies, and policymakers to enhance housing affordability.

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