Wilmington Introduces New Homebuyer and Home Repair Aid Initiatives

Wilmington, DE — Wilmington Mayor Mike Purzycki and the members of Wilmington City Council have introduced two vital programs aimed at providing financial support to prospective homebuyers and homeowners in need of significant property repairs. These initiatives, backed by funding allocated during the FY 2024 budget discussions, are designed to assist residents with limited incomes, fostering housing stability in the community.

Effective Monday, November 13, the Wilmington First Start Homebuyer Program will commence accepting applications. This program has access to $500,000 in funds, drawn from federal Community Development Block Grant (CDBG) funds and general funds. Eligible applicants can receive assistance of up to the lesser of $15,000 or 6% of the property's purchase price. These funds can be applied towards down payments, closing costs, or used to reduce the purchase price by adjusting the principal amount. The program is specifically tailored to first-time homebuyers, individuals who have not owned a home in the past three years, and displaced homemakers or single parents. To qualify, applicants must seek a fixed-rate mortgage loan without origination points or fees, with a maximum term of 30 years. Detailed program information is available at this link.

Additionally, the Wilmington Home Repair Program will soon be rolled out to provide much-needed assistance to homeowners facing substantial repair costs. This program is allocated $2 million in funds, also derived from federal CDBG funds and general funds. It aims to address critical repair needs in homes owned and occupied by low and moderate-income households, ensuring they remain safe and habitable. The funds can be used for various repair purposes, including addressing structural issues, addressing safety concerns, or resolving electrical, plumbing, or heating system problems. Detailed program guidelines will be made available soon to assist homeowners in need.

Mayor Purzycki and the Wilmington City Council are dedicated to fostering housing stability and promoting homeownership in the city, especially for those with limited incomes. These new programs are a testament to their commitment to improving the quality of life for Wilmington residents by addressing essential housing needs. Whether you are a first-time homebuyer looking for assistance or a homeowner in need of critical repairs, these programs are designed to provide the support and resources necessary to enhance housing opportunities and security in the community.