The First-Time Homebuyer Program builds new housing or repairs existing housing to attract new homeowners to the district.
The University District Development Corporation is committed to preserving and improving the number of quality affordable housing units in the University District through its First-Time Homebuyer Program. This program is especially designed to help eligible first-time homebuyers purchase a new or recently rehabilitated home by the UDDC within the University District. The UDDC Program provides assistance with down payment, closing costs, and purchase price reductions.
Down Payment and Closing Cost Assistance
Households meeting income qualifications are eligble to receive down payment and closing cost assistance to purchase a home constructed or renovated by the UDDC. The amount of down payment assistance provided is based upon need. The maximum amount of assistance available for down payment and closing costs is $20,000.
Home Price Reduction
The UDDC can work to reduce a homebuyerâ€™s monthly housing costs by subsidizing the sales price of the house. The UDDC offers a home ot the buyer at a lower sale price that presents a lower burden to homebuyers. The development subsidy makes the home more affordable for the homeowner. The subsidy is a grant from the UDDC to the homeowner.
The First Time Homebuyer Program is financed through the City of Little Rock with funds from the U. S. Department of Housing and Urban Development (HUD) HOME Program.