GRANTS AVAILABLE FOR DOWNPAYMENT ASSISTANCE
We currently participate in two grant programs: Down Payment Plus Grant (DPP) and Madison County Community Development Homebuyers Grant (MCCD). In 2015 MCCD also had an additional program, Homebuyer Rehabilitation Program. Each year new funding is released in March. It is unclear if the Rehab Program will be funded in 2016.*
Down Payment Plus (DPP) is a grant funded by the Federal Home Loan Bank of Chicago and is available through participating Lenders. The grant is a 5-year forgivable grant to those who meet certain criteria. The grant is used for down payment and closings costs. The possible funding ranges vary from year to year, available on a first come-first served basis and while funds last. For 2020, minimum borrower contribution is $1,000 of borrowers own funds.
Madison County Community Development Homebuyer Program is a grant for down payment and closing cost assistance. This is a 5-year forgivable grant to those who meet the criteria. The possible funding ranges from $1,000-$5,000 for down payment and closing costs, available on a first come-first served basis and while funds last.
*Housing Rehabilitation Program is a grant designed to “eliminate safety and health code violations.” This grant is a 5-year forgivable grant to those who meet the criteria. This grant is used for rehabilitation of vacant homes in conjunction with the MCCD Homebuyer grant. The possible funding ranges between $5,000-$20,000 toward rehabilitation, on a first come-first served basis and available while funds last. The goal of this grant is to make the home safer, healthier and lower maintenance for the low and moderate income homeowners.
Learn more about the HOMEBUYER and Rehabilitation grants at http://www.co.madison.il.us/departments/community_development/index.php