Dayton Commission approves financial assistance for first-time homebuyers
Dayton Commission approves financial assistance for first-time homebuyers Dayton 24/7 Now
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The Dayton City Commission’s Efforts to Promote Homeownership
The Dayton City Commission is taking steps to support first-time homebuyers by offering down payment assistance. In collaboration with County Corp’s Home Ownership Center, the city has approved a service agreement to implement this program.
Allocation of Funds
A total of $500,000 has been allocated for this program. These funds are part of the Dayton Recovery Plan, which consists of federal money awarded to the city to aid in its recovery from the COVID-19 pandemic. The city received a total of $138 million from the American Rescue Plan Act.
Target Beneficiaries
The program aims to assist individuals who are looking to purchase homes for their primary residency. It is not intended for investors but rather focuses on establishing homeownership opportunities within the city. Eligibility also extends to individuals who have not owned a home in the past three years.
Partnership with County Corp
County Corp will be working with qualifying buyers to facilitate the down payment assistance program. Their expertise and experience in the real estate market make them well-suited for this role.
The Need for Assistance
Rachel Gannon, a Dayton Real Estate Broker, emphasizes the necessity of such assistance. Over the years, the affordability of homes has significantly decreased, with first-time homebuyers now considering properties in the range of two to four hundred thousand dollars. This program aims to bridge the affordability gap and make homeownership more accessible.
Assistance Amount
Qualified individuals will receive up to 10% of the home’s price or a maximum of $10,000 as down payment assistance. The program primarily focuses on neighborhoods included in the Dayton Recovery Plan, such as Wolf Creek, Edgemont, Miami Chapel, Carillon, Old North Dayton, and Five Oaks. However, individuals moving to other neighborhoods can also avail of this financial aid.
Repayment Conditions
The assistance received by beneficiaries does not need to be repaid unless the buyer moves within the first five years of homeownership. In such cases, some form of repayment will be required.
Current Housing Market Challenges
The median listing price of a home in Dayton was $165,000 in March of this year, according to realtor.com. However, high interest rates, low inventory, and astronomical closing costs pose significant challenges for potential buyers.
Expected Impact
The program is projected to assist approximately 40 homebuyers, providing them with the necessary support to achieve homeownership. Applications for the program will be accepted soon, and it will continue until June 2026. County Corp will also work with buyers who are not yet mortgage-ready but are close to being qualified.
For more information, please contact County Corp at (937) 853-1600.
SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 1: No Poverty | 1.4: By 2030, ensure that all men and women, in particular the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership, and control over land and other forms of property, inheritance, natural resources, appropriate new technology, and financial services, including microfinance. | – No specific indicators mentioned in the article. |
| SDG 8: Decent Work and Economic Growth | 8.10: Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance, and financial services for all. | – No specific indicators mentioned in the article. |
| SDG 11: Sustainable Cities and Communities | 11.1: By 2030, ensure access for all to adequate, safe, and affordable housing and basic services and upgrade slums. | – No specific indicators mentioned in the article. |
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 1: No Poverty
- SDG 8: Decent Work and Economic Growth
- SDG 11: Sustainable Cities and Communities
The issues highlighted in the article, such as down payment assistance for first-time homebuyers and the need for affordable housing, are connected to these SDGs.
2. What specific targets under those SDGs can be identified based on the article’s content?
- Target 1.4: By 2030, ensure that all men and women, in particular the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership, and control over land and other forms of property, inheritance, natural resources, appropriate new technology, and financial services, including microfinance.
- Target 8.10: Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance, and financial services for all.
- Target 11.1: By 2030, ensure access for all to adequate, safe, and affordable housing and basic services and upgrade slums.
The article addresses the target of providing equal access to economic resources and financial services (Target 1.4), strengthening domestic financial institutions (Target 8.10), and ensuring access to safe and affordable housing (Target 11.1).
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
No specific indicators are mentioned or implied in the article that can be used to measure progress towards the identified targets. However, indicators related to homeownership rates, access to financial services, and affordability of housing could be relevant in measuring progress towards these targets.
4. SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 1: No Poverty | 1.4: By 2030, ensure that all men and women, in particular the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership, and control over land and other forms of property, inheritance, natural resources, appropriate new technology, and financial services, including microfinance. | No specific indicators mentioned in the article. |
| SDG 8: Decent Work and Economic Growth | 8.10: Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance, and financial services for all. | No specific indicators mentioned in the article. |
| SDG 11: Sustainable Cities and Communities | 11.1: By 2030, ensure access for all to adequate, safe, and affordable housing and basic services and upgrade slums. | No specific indicators mentioned in the article. |
Copyright: Dive into this article, curated with care by SDG Investors Inc. Our advanced AI technology searches through vast amounts of data to spotlight how we are all moving forward with the Sustainable Development Goals. While we own the rights to this content, we invite you to share it to help spread knowledge and spark action on the SDGs.
Fuente: dayton247now.com
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