The Home Stretch: Helping Tacoma Park Residents Achieve Homeownership
The City of Takoma Park understands that the road to homeownership can be challenging, especially when it comes to covering the hefty down payment. That’s why they’ve introduced The Home Stretch program, a valuable initiative aimed at bringing residents one step closer to purchasing their first homes by offsetting those initial costs.
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Available Assistance
The Home Stretch, also known as the City of Takoma Park’s Down Payment Assistance Program, offers financial support of up to $10,000 to eligible individuals and families striving to make their dream of homeownership a reality. This assistance comes in the form of a zero-interest, deferred loan, and here’s the good news: it’s forgiven at a rate of 20% per year after the first year of purchase. This means that as time goes on, the financial burden on the homeowner decreases.
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Eligibility Requirements
To qualify for The Home Stretch program, all applicants must meet specific criteria. Firstly, they must be first-time homebuyers, as defined by the City of Takoma Park. This means individuals who haven’t owned any property in the last five years. Additionally, applicants must fall within the program’s income limits, which are based on an adjusted percentage of the Area Median Income (AMI) for Montgomery County, as published by HUD. Furthermore, completing a homebuyer education course approved by the City of Takoma Park is a mandatory requirement to be eligible for this valuable assistance. This educational component ensures that homebuyers are well-prepared for the responsibilities of homeownership.
Property Guidelines
Any home purchased with funds from The Home Stretch program must serve as the borrower’s primary residence and must be located within the City of Takoma Park. The program offers flexibility in terms of property types, allowing borrowers to purchase single-family attached or detached homes, as well as condominiums. However, it’s essential that the chosen property successfully passes a certified home inspection to ensure that it meets quality and safety standards.
Income Limits
The program’s income limits are determined based on the size of the household and are adjusted as a percentage of the Area Median Income (AMI) for Montgomery County. Here are the income limits for The Home Stretch program:
- 1-person household: $72,240
- 2-person household: $82,560
- 3-person household: $92,880
- 4-person household: $103,200
- 5-person household: $111,456
- 6-person household: $119,712
- 7-person household: $127,968
- 8-person household: $136,224
By offering this vital assistance, The Home Stretch program not only promotes homeownership but also strengthens the Tacoma Park community by enabling residents to invest in their own piece of the city. With reduced financial barriers and a supportive framework in place, more individuals and families can embark on the journey of becoming homeowners and creating stable, secure futures for themselves.
