Kettering City’s $1 Million Grant Program to Aid Residents in Home Improvement and Down Payments
In Kettering, Ohio, Day Air Credit Union, in a collaborative effort with the City of Kettering, has successfully provided nearly $1,000,000 in grant funds to local residents. This significant financial contribution was directed towards two key programs: the First-Time Homebuyer Assistance Program and the Home Improvement Assistance Program. Both initiatives were designed to support Kettering residents in achieving their homeownership and home renovation goals through low-interest, forgivable loans.
The Home Improvement Assistance Program
This program was established with the aim of enhancing the general welfare of Kettering residents by offering affordable and sustainable options for home improvements. Day Air Credit Union played a pivotal role by providing a special low-rate home improvement loan, where up to $20,000 of the loan amount was forgivable. The impact of this program has been substantial, with 23 homeowners benefiting from approximately $293,000 in grant funds for various home improvement projects. These funds were utilized for a wide range of approved exterior and interior renovations, contributing significantly to the enhancement of residential properties in Kettering.
The First-Time Homebuyer Assistance Program
Targeted at assisting first-time homebuyers in the City of Kettering, this program aimed to make homeownership more accessible and sustainable, particularly for renters and low to moderate-income households. It addressed the financial challenges often faced by first-time buyers by offering up to 10% down payment assistance, capped at $20,000, when paired with a Day Air Mortgage product. The success of this program is evident, with 40 homebuyers receiving nearly $707,000 in down payment assistance, thereby facilitating their journey towards owning their first home.
Bill Burke, President and CEO of Day Air Credit Union, expressed pride in the organization’s role in supporting the Kettering community. “Day Air is proud to make a difference in the communities we serve,” he stated. “Working with the City of Kettering to help make the financial dreams of our members and our community more achievable is core to who we are.”
These programs, supported by Day Air Credit Union and the City of Kettering, reflect a strong commitment to community development and financial empowerment. By providing substantial financial assistance for home purchases and improvements, they have played a crucial role in improving the quality of life for many Kettering residents. The success of these initiatives is a testament to the positive impact that can be achieved through collaborative efforts between local financial institutions and city governments. As a result, Kettering residents now enjoy enhanced homeownership opportunities and improved living conditions, contributing to the overall growth and prosperity of the community.
