20401 Stansbury Street Detroit, MI 48235 1568

Do not miss out on this once in a lifetime opportunity and be 1 of the 400 people to get lucky?? Wow! Backstory copied from Detroit website: Mayor Mike Duggan, City Council members and the Detroit Housing & Revitalization Department announced a landmark program today that will provide Detroiters who do not currently own a home with up to $25,000 in downpayment assistance to help them realize the American Dream of homeownership. The program is available to lower-income earners who may be able to afford a monthly mortgage payment buy don’t have savings enough for a downpayment. For a one individual to qualify, for example, they would have to earn less than $41,000 per year. Funded by $6 million in American Rescue Plan Act (ARPA) funding, the Detroit Downpayment Assistance Program provides qualifying Detroit households grants of up to $25,000 for a downpayment. Funding also can be used for other home purchase-related expenses, including prepaids (such as escrow deposits for property taxes), interest rate buy-downs, closing costs and reduction in principal. The program is expected to help between 240 and 400 lower-income and middle-class homebuyers in the next two years, depending on the amount each buyer needs in downpayment assistance. It is vitally important that as property values continue to climb, people of varying incomes are able to buy a home, Councilmember Johnson said. “Owning a home provides stability for them and their family. Having to move because your landlord has increased your rent means not only having to find a new place to live, but also uprooting your child from their school, leaving friends and relationships you have developed, and possibly leaving the community you love and call home. This program is about helping more Detroiters to remove that instability so that they can feel secure in their future.”