HOLLAND, Mich. (WOOD) - The City of Holland is offering grants up to $3,000 to help people buy a home.
The Federal Community Development Block Grants are open to low- to moderate-income buyers, according to a Tuesday release, and will match 50% of closing costs and down payments.
Other money is available for home repair and maintenance as part of the same grant.
City leaders say it is an important way to get people who might not otherwise be able to afford it into their own homes. They believe that home ownership builds a stronger community for all.
"Really, this is piece of a larger effort that the city is undertaking right now, and that is an effort to get more people invested in the community through our various repair programs and different activities. Get them engaged," Phil Meyer, director of Neighborhood and Community Services, said.
The home must be affordable for the purchase. Applicants must provide mortgage approval, a copy of their credit report, a list of debts. They must also post 50% of the closing costs and down payment expenses and must attend a homebuyer education course.
Homes will be inspected and must meet housing standards.
Buyers will need to live in the home for five years or forfeit a pro-rated portion of the grant.
Applications are due no less than 20 days before the scheduled closing date.
The program is being administered on a first-come, first-serve basis. Program coordinator Sue Harder said in a statement that the fund are expected to run out quickly.
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