Cedar Rapids offers $$$ for first-time home buyers - KWWL - Eastern Iowa Breaking News, Weather, Closings

Cedar Rapids offers $$$ for first-time home buyers

CEDAR RAPIDS, IA - February 18, 2009 - Today, the City of Cedar Rapids introduces a new First Time Home Buyer Grant program especially created to assist qualified first-time homebuyers with down payment and closing cost funding of up to $6,000. Applications will be accepted on a first-come, first-serve basis at the Cedar Rapids Housing Services Office, located at 1211 6th Street SW, Monday through Friday from 8 a.m. to 4:30 p.m. These applications are available by request over the phone at (319) 286-5872 or online at http://www.cedar-rapids.org/housing/First_time_homebuyer.asp.  

This First Time Home Buyer program is designed to increase the city's overall homeownership rate, create greater opportunity for homeownership among lower income and underserved households and to revitalize and stabilize our community.

To qualify, applicants must be a first-time homebuyer, must meet income guidelines, must have lived or worked in the City of Cedar Rapids for a minimum of one year and must provide proof of all required information. Eligible participants must have gross annual incomes at or below 80 percent of the median income for the City of Cedar Rapids adjusted for family size. For example, a one-person household with a median income of $37,800 is eligible. So is a five-person household with a median income of $58, 300.

More information about the program is available online at http://www.cedar-rapids.org/housing/First_time_homebuyer.asp.

Powered by Frankly