Down Payment Assistance
Increasing home ownership one person at a time.
HomeBase is currently accepting applications for the Down Payment Assistance Program (DPA) from Community Development Corporations (CDCs).
The DPA was created in collaboration with, and is funded by, our partner Greater Cincinnati Foundation, to distribute approximately $100,000 of down payment assistance funds in order to support the efforts of member CDCs to increase sales of property renovated or constructed by local CDCs.
REQUIREMENTS
In order to request DPA funds, the CDC must be a member of HomeBase in good standing for prior 6 months and own the property for sale.
Purchase Limits
Renovated property purchase price cannot exceed $200,000.00.
New construction purchase price cannot exceed $250,000.00.
Qualifications
Property must be owner-occupied, or 1-2 family units
Low-Moderate-Income borrower or Low-Moderate-Income census tract
Income based on 80% Area Median Income (ADDI household income table may be used)
Income tract to be verified through FFIEC geocoding
Income to be verified by the lender in writing (standard form of verification)
5-year deed restriction (property should not be sold before 5 years)
HomeBase must receive application from CDC at least 15 business days prior to closing
HomeBase will review and approve the buyer application and will forward to GCF for funding
No funds will be given back to the home buyer at closing
Funds can be used in combination with other DPA programs
All DPA fund checks will be made payable from HomeBase for distribution to the applicable title company
2023 DPA DOLLARS USED
Every $5,000 is one DPA, or $5,000 per home. This chart will continue to be updated as DPA applications are submitted and approved.
CDC Member Properties
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The HURC provides communities with property acquisition assistance to confront some of the most pervasive problems facing disinvested communities, including vacancy and blight.
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Camp Washington Urban Revitalization Corporation (CWURC) revitalizes and sustains the community by enabling engaged neighbors, businesses and representative leaders through equitable development programs and activities.
COMPATIBLE DOWN PAYMENT ASSISTANCE PROGRAMS
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American Dream Downpayment Initiative
The (ADDI) program aims to increase the homeownership rate, especially among lower-income households, and to revitalize and stabilize communities.
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Downpayment Assistance Resources
Coming up with the funds for a down payment is often one of the biggest hurdles of homeownership. Our mortgage team is ready to help you navigate the process and identify programs you may qualify for.
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Housing Programs
FHLB offers a range of flexible programs to help our member financial institutions and housing partners build strong communities, whether it involves single-family housing, housing for special needs households, community infrastructure or job creation.
