Davis Co. launches assistance program for low- & moderate-income home ownership
Recognizing the dramatic increase in home prices across Utah, the Davis County Commission has created a new homeownership assistance program. Using $1.8 million in federal funds, the initiative is designed to assist low- to moderate-income families overcome the unprecedented challenges to homeownership, enabling them to purchase a home that they might otherwise not be able to afford, the commission said in a release.
“Davis County has always been a sought-after community for homeownership. However, with shrinking land availability and a growing demand for housing, the county commission acknowledges the need for additional action,” said Commissioner Bob Stevenson. “We are thrilled about the opportunity to assist our community members in achieving their homeownership dreams. By implementing this program, we are committed to making homeownership a reality for more individuals and families, fostering a stronger and more inclusive community. Together, we can turn the dream of homeownership into a tangible and transformative experience.”
The program launched on Oct. 16 and new funds will be released quarterly into 2024. Income-qualified individuals and families interested in buying a home in Davis County can apply for a homeownership assistance loan of up to $50,000. These loans can be used for any combination of principal reduction, permanent interest rate buy down (up to $10,000) and/or up to 50 percent of the required down payment and closing costs. The loans will require no payments and will be repaid to the county (with an additional 1 percent interest) when the home is sold or refinanced for an ineligible reason. This program can be coupled with other state and local homeownership assistance programs.
Program guidelines and income qualification levels for the homeownership program are available at the county’s economic development website, https://www.daviscountyutah.gov/ced/economic-development/.