A new pilot program aims to help first-generation homebuyers in Michigan.
More than 320 families in Michigan will get up to $25,000 each for down payments and closing costs.
To qualify, applicants must be first-time homebuyers whose parents have not owned a home within the last three years. They also are required to fall within income limits set by the Michigan State House Development Authority.
Amy Hovey, the CEO and Executive Director of MSHDA, says the average cost of a home in Michigan far exceeds what would be affordable with the state’s average income levels.
“The First-Generation Down Payment Assistance program is really going to help families that find it most difficult to enter into home ownership to actually realize that dream of owning their own home,” Hovey said.
Todd Waller, an Ann Arbor realtor and the chair of the Michigan Realtors’ Public Policy Committee, says first-generation homebuyers find it particularly challenging to become homeowners in the current housing market but would also stand to benefit most from assistance.
“For these folks, access to the housing market could lay the foundation for them and their families to have that stable, affordable, quality place to live and begin building generational wealth,” Waller said.
Applications to the program are open now. If the pilot goes well, Hovey says MSHDA could ask the Michigan Legislature for additional funding to expand the program and make it permanent.
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