The town of Barnstable launched the Hyannis Homebuyer Assistance Program late last week, taking action to stabilize neighborhoods by helping low and moderate income homebuyers. The program consists of interest-free loans of up to $75,000 each. These loans are available for qualified applicants to purchase a home in the village of Hyannis. The first phase of the program is to be funded by federal Community Development Block Grants.
To be considered for the program, applicants must have an income of less than 80% of the area’s median income, complete a home buyer education course, be a first-time homebuyer and be a U.S. citizen or have eligible immigration status. The purchase price of the home cannot exceed $325,000 and homeowners must be able to put 1.5% down to purchase the home. Loans must be repaid when the property is sold.
There are income limits, but a single person can make up to $47,500 a year to be eligible. For those with more people in households, incomes go up higher.
With homeownership costs rising on Cape Cod and inventory seemingly perpetually tight, programs like this offer a chance for more Cape Cod residents to achieve the goal of homeownership. Many families struggle against the weight of student debt, a stagnant job market and high housing costs, freezing them out homeownership and of being an active participant in the real estate market. CCIAOR supports efforts to create more assistance with down payment where taxpayers are not left on the hook for those costs – in the same vein as this program.
Click HERE for more information at the Town of Barnstable’s website on the Hyannis Homebuyer Assistance Program.