On Monday, the Davis County Commission introduced its new homeownership assistance program, which it says will help low-to-moderate-income families purchase homes they might not be able to afford otherwise.
The program offers qualifying families a loan up to $50,000 using $1.8 million in federal funding. The loan can be used for any combination of uses including principal reduction, interest rate buy down, or bringing down the down payment and closing costs. The loan can also be coupled with any other state or local homeownership assistance programs.
Davis County Commission said the loans will require no payments and will be repaid with an additional 1% interest when the home is sold or refinanced.
“Davis County has always been a sought-after community for homeownership,” said Davis County Commissioner Bob Stevenson. “However, with shrinking land availability and a growing demand for housing, the County Commission acknowledges the need for additional action. We are thrilled about the opportunity to assist our community members in achieving their homeownership dreams.”
According to Zillow, a real estate website, the average value of a home in Davis County is just over $520,000. Prices in Davis County have been steadily decreasing over the last year, as the average price has fallen nearly 5%.
However, that drop has just been a small reprieve from the 50% increase over the last five years. According to Zillow, in August of 2019, the average home price in Davis County was $346,000.
Stevenson said the county is committed to making homeownership a reality for more people and families.
“Together, we can turn the dream of homeownership into a tangible and transformative experience,” said Stevenson.
The program is expected to launch on Monday, Oct. 16. Once the program launches, applicants will create an account on Neighborly and select “Davis Homeownership Program” to start the application process.
In order to qualify, applicants must make below a certain yearly amount depending on household size:
- 1 Person: $59,600
- 2 Persons: $68,100
- 3 Persons: $76,600
- 4 Persons: $85,100
- 5 Persons: $91,950
- 6 Persons: $98,750
- 7 Persons: $105,550
- 8 Persons: $112,350
Funds will be released quarterly into 2024 and will be available on a first-come, first-serve basis. To learn more about the Davis County homeownership assistance program, or to see if you qualify, visit the Davis County website here.