The University District Development Corporation is offering eligible first-time homeowners up to a $20,000 subsidy to purchase a home in the University District, near the University of Arkansas at Little Rock.

The subsidy may be used for a down payment, closing costs, and/or price reduction for the home located at 1616 S. Harrison, according to University District Director Ron Copeland.

“The house has been substantially rehabilitated,” said Copeland.

“It has a new heating and air system, new windows and doors, refinished hardwoods and new appliances, among many other upgrades. This would be a great starter home for the right family or person.”

The home’s $99,500 price tag includes two bedrooms, two bathrooms, and a separate dining area, with dishwasher, microwave, and stove. There is also a garage and off-alley parking in the back.

Prospective homebuyers must meet certain criteria, including a maximum gross annual income of $33,700 for one person; $38,500 for two people; $43,300 for a family of three or $48,100 for family of four.

To be considered a first-time homebuyer, an individual must not have financed a home within the last three years before closing on a home in the UDDC program, according to Copeland, and buyers must have an annual income of no more than 80 percent of the area’s median income.

For an appointment or to learn more about the program guidelines or application process contact Barrett Allen at 501.683.7361 or blallen@ualr.edu.