HOME American Dream Downpayment Initiative (HOME ADDI)

HOME American Dream Downpayment Initiative ( HOME ADDI) is a federally funded program that assists income-eligible households to purchase their first home.

Eligible Applicants

Program Guidelines 
Winter 2009 Notice of Funding Availibility (NOFA) 
Listings by Communities 
URA Disclosure 
Environmental Checklist 
Drawdown Checklist 
Setup Completion Report 
Purchase Price Value Limits 
HUD Income Limits 
HUD HQS Checklilst 
Homebuyer Ration Form 


Non-profit organizations, municipalities or municipalities in partnership with non-profit developers are eligible to apply for HOME ADDI downpayment and closing costs assistance funds.  Please note that HOME PJ and Consortium communities are not eligible to apply for HOME ADDI funding.

Eligible Activities and Affordability Requirements

These funds can be used by eligible applicants to provide downpayment or closing costs assistance to qualified households.  Eligible applicants must ensure that households receiving assistance under HOME ADDI complete a homebuyer education course that includes pre- and post-purchase counseling.

First-time homebuyers receiving a HOME ADDI Acquisition Loan may earn no more than 80% of the area median income.  Each assisted unit must have a purchase price that does not exceed 95% of the area’s median price, as determined by the Single Family Mortgage Limits under Section 203(b).  Any HOME-assisted rental units in multi-family properties must be leased to households earning no more than 60% of area median income.  (Please see the additional program information below for a list of the 203(b) mortgage limits and maximum household incomes for your community.)

Funding Limits

DHCD will award up to $150,000 per application.  Assistance to individual homeowners is limited to 5% of a property’s purchase price up to a maximum of $10,000. 

Non-profit sponsors intending to provide assistance in HOME entitlement or consortium communities must include a matching commitment of local funds equal to the amount being requested from DHCD.  If an application is submitted without matching funds, it will not be competitive.  (Please see the additional program information below for a list of entitlement and consortium communities.)

Loan Terms

Loans to homebuyers will be structured as deferred payment 0 percent interest, for 5 years during which time the property must remain the buyer’s primary place of residence.  In the event that a buyer desires to sell the property prior to the end of the five-year term, the full amount of the loan must be repaid to DHCD.  

How to Apply

DHCD makes HOME ADDI funding available through a Notice of Funding Availability (NOFA).  Applicants must complete and submit the HOME ADDI downpayment and closing costs assistance application. 

Current Notice of Funding Availability

Contact

For additional information, please call the HOME staff at: (617) 573-1300.