Michigan State Housing Development Authority
Media Contact: Matthew Schoenherr
517-373-6783 | email@example.com
Oct. 9, 2018
Lansing, MICH. – Michigan State Housing Development Authority, in collaboration with the Michigan Homeowner Assistance Nonprofit Housing Corporation (MHA), launches the Step Forward Down Payment Assistance (DPA) program, providing $20 million in loan funds to assist in neighborhood stabilization and prevent foreclosures in areas of the state that still reflect high rates of delinquency and foreclosure, negative equity, bank-owned properties and short sales.
“I’m delighted to announce the rollout of a new forgivable down payment assistance program for certain distressed areas of our state,” said Earl Poleski, MSHDA Executive Director. “This supplements our existing statewide DPA program. Thanks to the hard work and creativity of our dedicated staff, MSHDA has yet another tool to help Michigan residents realize their dream of homeownership.”
The Step Forward DPA loan program is federally-funded through the Michigan Homeowner Assistance Nonprofit Housing Corporation (MHA), forgivable and offered in 61 eligible zip codes across 10 Michigan counties: Bay, Genesee, Ingham, Jackson, Macomb, Muskegon, Oakland, Saginaw, Washtenaw and Wayne. Funds are limited and are available on a first-come, first-served basis. The down payment assistance is $15,000 per applicant and must be used in conjunction with a MSHDA MI Home Loan.
“We are pleased to announce the new Step Forward Down Payment Assistance (DPA) program as part of our work in stabilizing neighborhoods around our state,” MSHDA Homeownership Director and MHA President, Mary Townley said. “By growing real estate sales, we stabilize home values and increase property values. This means growing equity for buyers and continued homeownership for many residents of Michigan.”
The Step Forward DPA can be used toward the required down payment, closing costs, and prepaids/escrows on the purchase of a single-family principal residence. The remaining balance of the $15,000, if applicable, must be used to reduce the MSHDA MI Home Loan first mortgage principal balance.
MSHDA's $7,500 Michigan Down Payment Assistance program is still available statewide for borrowers who may not fall within these 61 zip codes and Step Forward's foreclosure prevention program has $19 million remaining to assist existing homeowners.
Learn more about the Step Forward DPA at http://www.michdownpayment.com/stepforwarddpa or call 844-984-HOME (4663).