The First-Time Homebuyer Program builds new housing or repairs existing housing to attract new homeowners to the district. The University District Development Corporation’s First Time Homebuyer’s Program helps eligible first time homebuyers purchase a new or recently rehabilitated home within the University District from the UDDC. The program provides assistance with the down payment, closing costs, and purchase price reduction.
The UDDC is committed to preserving and improving the number of quality affordable housing units in the University District through its First-Time Homebuyer Program.
Down Payment and Closing Cost Assistance
Households meeting income qualifications are eligible 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 homebuyer’s monthly housing costs by subsidizing the sales price of the house. The UDDC offers a home to 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.
Learn more about the first-time homebuyer’s program.
Improving Neighborhood Housing
The University Development Corporation strengthens neighborhoods and improves the quality of life by making housing and neighborhood improvements.
Special Needs Assistance Program
The UDDC secured funding from the Federal Home Loan Bank of Dallas’ Special Needs Assistance Program (SNAP) grant for minor home repair costs for homeowners over age 55 or those having a documented disability and income of 80 percent or below the median income for the area.
