City to offer interest-free loans to help residents cover home down payments
HONOLULU (HawaiiNewsNow) - As Oahu’s housing market continues to see record prices, the city is offering assistance for residents trying to become homeowners.
The city Department of Community Services announced Tuesday that it is offering down payment assistance to eligible residents.
The agency has $380,000 in federal funding that must be used before the end of the fiscal year.
And so it’s making interest-free loans of up to $40,000 available for residents to use on down payments. Those eligible must be earning 80% or below of the area median income, which is just over $77,000 for a couple and roughly $96,600 for a family of four.
“If someone has experienced buying a house, it’s difficult and it seems like right at the end, it’s even more difficult,” Community Services Director Anton Krucky said. “The little ends don’t meet, the financing, all of the things you have to come up with and this $40,000 can make a difference.”
The loans will be distributed on a first-come, first served basis..
Those interested in applying can contact the agency’s loan branch.
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