Home ownership is the cornerstone of the American dream. But for many people, it’s a far-fetched idea. A new program in Adams County hopes to change that.
The Adams County Homebuyer Assistance Program offers loans of $10,000 to help first-time homebuyers cover the costs of down payments and reduce their mortgage payments.
The Adams County Homebuyer Assistance Program is funded by the Adams County Board of Commissioners and the Adams Economic Alliance. The loans are repaid when the home is sold or refinanced. There’s no interest and no loan payments, but there is a one-time administrative fee of $500.
To be eligible for the Adams County Homebuyer Assistance Program, at least one family member must work full-time for an Adams County business. Additionally, the home must be located in Adams County. The Alliance reports that 26% of Adams County homeowners and 42% of Adams County renters are housing-burdened.
“Programs like the Homebuyers Assistance Program can put the American dream within reach,” says Megan Shreve, SCCAP CEO. Homeownership provides more permanency and stability for a family; it also starts the process of building generational wealth. The Homebuyer Assistance Program is part of a broader effort to promote homeownership in Adams County.
The Homebuyer Assistance Program is part of a broader effort to promote homeownership in Adams County. The Alliance believes that increasing homeownership will support jobs and economic growth in the area.
“This program will help meet families where they are,” says Stacey Rice, @Home’s coordinator, “offering that boost that will positively change their lives.”
Story source: adamsalliance.org