Division of Housing and Neighborhood Development
Housing and Neighborhood Assistance Programs

Neighborhood Lending Program
Housing Maintenance and Employment Opportunities Program (HMEOP)

Mortgage Credit Counseling Program

Neighborhood Business Assistance Program

Neighborhood Lending Program

The Down Payment Assistance Program provides individuals and families up to 10% of the purchase price with a max of $15,000 on existing homes and 10% of purchase price with a max of $20,000 on new construction in the City of Dayton.

Down Payment Assistance:

ü  Gap financing to be used for down payment, closing costs, principle reduction, interest rate buy-down or combination thereof.

ü  Down payment assistance is not provided for FHA, VA or adjustable rate mortgage loans

ü  10% of the purchase price up to a maximum of $15,000 for existing homes and 10% of purchase price up to a maximum of $20,000 for new construction.

ü  The assistance is in the form of a 0% interest deferred loan that is repaid when the original homeowner no longer occupies the property.  A second mortgage lien is placed on the property.

ü  Household income must be at or below 80% of the area median income set by HUD.  See below.

ü  The program requires a personal cash investment of $500.00 from the buyer.

ü  Homes must be in good condition and should meet local housing code standards.  No peeling, flaking, chipping, cracking paint surfaces on exterior and interior of house and outbuildings.  Homes to be inspected by our CityWide Inspector for health and safety code violations as required by HUD and the City of Dayton.

ü  CityWide Homebuyer Education Classes are required

NOTE:  Down payment assistance is available for households who are over the above HUD income guidelines through our Neighborhood Lending Program. You must purchase a property located in the City of Dayton’s designated Community Development Area’s.  10% of purchase price with a maximum of $15,000 on existing home and 10% of purchase price with a maximum of $20,000 on newly constructed homes.

CityWide Development manages the Down Payment Assistance Program for the City of Dayton. 

For more information, contact
Pam Waltrip, CityWide Development Corp.
(937) 853-2557
pwaltrip@citywidedev.com

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Housing Maintenance Opportunities Program (HMOP)

HMOP is Dayton's low interest loan program designed to assist homeowners who wish to address code violations or fix up their homes.  Applicants must meet income guidelines as updated by HUD.  To qualify household income must be at or below 80% of the Area Median Income:

 

80% of AMI based on household size as of 2009

For more information, contact CityWide Development Corporation
937-853-2545
e.hubler@citywidedev.com

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Mortgage Credit Counseling Program

This course is designed for prospective homebuyers and covers key topics such as personal finance, credit repair, Realtor selection, loan underwriting guidelines, property inspections and repairs.  Upon completion of the program, attendees will receive a Certificate of Completion to meet lender’s requirements for education.  For more information contact:

   
Pam Waltrip, CityWide Development Corp.
(937) 853-2557

pwaltrip@citywidedev.com

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Neighborhood Business Assistance Program (NBAP)

The City realizes that collectively, small neighborhood businesses represent the largest base of employment in the City of Dayton.  Many of the city’s smallest businesses have very limited access to the funding necessary for growth and success. Our program is designed to provide an affordable loan product, which can assist your business in meeting its goals.  The NBAP program requirements area s follows:

• Business in operation for one year.
• Business located in the City of Dayton (excluding the Downtown Priority Board district).
• Business independently owned and operated for profit.
• Annual sales not to exceed $1 million.
• Business not engaged in investment or speculation activities.
• Minimum / Maximum Loan Amount  -  $2,500-$50,000.
• 95% financing available.
• 5% equity required.
• 5% fixed rate financing. 3% fixed rate in targeted corridor areas.
• 3-10 year terms (dependent upon life of asset).
• Uses- Rehab/Renovation, Real Estate Acquisitions, M & E, Public Improvements/Infrastructure & Working Capital.
• These funds are only dispersed as loans.  Grants are not available.

For more information about NBAP, please contact Cynthia Long at (937) 333-8556 or by e-mail cynthia.long@cityofdayton.org