Programs
MOHCD currently has 3 homebuyer programs, as well as additional loan programs to help homebuyers. To apply, you must meet the other eligibility requirements and complete homebuyer education. Your housing counselor will help you figure out which program is best for you.
Below market rate (BMR)
Units sold below market rate. They are also resold at below-market-rate prices. Buyers can also apply for downpayment assistance on these units.
View BMR ownership listings and apply.
Downpayment Assistance Loan Program (DALP)
Downpayment loan up to $375,000 (as funds are available) to bid on a property on the open market. You can resell the unit at market prices.
Read DALP details and how to apply.
City Second Loan Program (CSLP)
Downpayment loan up to $375,000 (as funds are available) to bid on a collection of properties also advertised on the open market. You can resell the unit at market prices, but the City has the option of selecting a buyer to match the first offer.
View City Second listings and apply.
Features
The following summarizes the major features of the three homebuyer programs. There may be other requirements when you sell the property.
Requirements:
- Must be a first-time homebuyer
- Must complete homebuyer education
- Must obtain a loan pre-approval from a MOHCD-approved lender
Outcome:
The outcome of each program are:
- BMR - buy homes at below-market prices.
- DALP - get a down payment loan to buy market-rate homes.
- CSLP - get a down payment loan to buy certain market-rate homes.
Application Selection:
- BMR lotteries are run as listings become available.
- DALP lotteries are run as announced.
- CSLP is first come, first served.
Availability:
- BMR and CSLP are limited to certain properties with set prices and no bidding.
- DALP is available to all eligible market-rate properties and is subject to open-market pricing and bidding.
Reselling/Repayment:
- Under all three programs, the homeowner must notify the City when reselling the home.
- Under DALP and CSLP, the home may be resold at the market rate.
- Under BMR and CSLP, the City can select a buyer when reselling. Under DALP, the owner can select a buyer when selling.
- Under BMR, there is no repayment. Under DALP and CSLP, City loans must be repaid.
Outcome
The outcomes of each program are:
BMR - a housing unit
DALP - a downpayment loan
City Second Loan - a downpayment loan
Placement
BMR lotteries are run as listings become available.
DALP lotteries are run as announced.
City Second is first come, first served.
Availability
BMR and City Second are limited to certain properties.
DALP and City Second are available under open-market pricing and bidding.
Reselling/Repayment
Under all three programs, the homeowner must notify the City when reselling the home.
Under DALP and City Second, the home may be resold at market rate.
Under BMR and City Second, the City can select a buyer when reselling.
Under DALP and City Second, City loans must be repaid.