Moline Downpayment Housing Program

Moline Downpayment Housing Program

Status: Active

Geographic Scope: Specific neighborhoods in Moline, IL (neighborhoods 217, 219, 222, 223)

Overview: This program provides downpayment assistance and closing cost help for homebuyers purchasing homes in designated Moline neighborhoods. Funding is derived from Neighborhood Stabilization Program (NSP2) Program Income.

Award Amount

• 3% downpayment assistance + up to $1,500 closing costs for those earning 51-120% AMI
• 5% downpayment assistance + up to $1,500 closing costs for those earning under 50% AMI

Eligibility Requirements

• Home must be located within designated Moline neighborhoods (217, 219, 222, 223)
• Homebuyer must be an employee of a Moline business with physical establishment in Moline
• Minimum 20 hours per week employment in Moline
• Minimum $1,000 personal contribution to transaction
• Income at or below 120% of Area Median Income (AMI)

What They Fund

• Downpayment assistance (3-5% based on income level)
• Closing costs (up to $1,500)

Contact Information

• Phone: (309) 794-6711
• Address: 371 3rd Street W, Milan, Illinois 61264
• Email: [email protected]

Special Terms

• 5-year forgivable recapture agreement required
• HUD-certified Housing Counselor meeting required
• Homebuyer Education Class participation required