Bentonville Allocates $236,326 for Homeownership Assistance
Bentonville, AR — In a significant move to promote housing stability, the City of Bentonville has allocated $236,326 from the Community Development Block Grant (CDBG) Program to assist low-income families with down payments and closing costs for home purchases. This initiative is part of the city's 2024 Annual Action Plan, designed to support first-time homebuyers in achieving homeownership.
Program Details
The Homeownership Assistance Program provides financial aid to eligible families, covering up to 50% of the lender-required down payment, as well as associated closing costs. This support aims to make homeownership more accessible to low-income residents, offering them a pathway to stability and long-term investment in the community.
Eligibility and Commitment
To qualify for the program, applicants must be first-time homebuyers and meet specific income criteria. Additionally, they are required to reside in the purchased home for at least five years. This condition ensures that the benefits of homeownership assistance foster lasting community ties and neighborhood stability.
Impact on Community
City officials emphasize the importance of this program in addressing the affordable housing challenge. "By assisting with down payments and closing costs, we are removing significant barriers that prevent many families from achieving homeownership," said a city representative. "This initiative not only helps individual families but also strengthens our community as a whole."
Application Process
Interested residents can apply for the Homeownership Assistance Program by contacting the Bentonville Planning Department. The application process includes a thorough review of income qualifications and homebuyer education to ensure that recipients are well-prepared for homeownership responsibilities.
For more information on the Homeownership Assistance Program, residents can visit the City of Bentonville’s official website or contact the Planning Department directly.
