Jackson's city council voted unanimously Tuesday night to expand down payment assistance for residents seeking to participate in the city's 100 Homes program, opening the door for more lower-income families to achieve homeownership.
- A proposal for additional down payment assistance for the 100 Homes program was presented to Jackson City Council
- The proposal includes up to $50,000 of additional down payment assistance based on income level
- Jackson City Council passed the proposal unanimously
The proposal was presented by City of Jackson Grant Coordinator Cory Mays, who said he and other city staff identified an affordability gap for houses included in the 100 Homes program.
"Interest rates haven't crept down, inflation is going up, and wages are stagnant. People are having a hard time getting in that house even with the supports that the city is providing," Mays said.
The proposal calls for up to $50,000 in down payment assistance, depending on income level, funded through grant money from the state of Michigan.
Mays said the expanded assistance would reach residents who had previously fallen just short of qualifying for support.
"Layering more down payment assistance will open this up to those folks that are earning a little bit less, but still hard working families that just need a little bit more of a leg up," Mays said.
Mays described the additional funding as a "lifeline" for prospective homebuyers.
"This is going to provide that lifeline that we've been looking for, and that they've been looking for," Mays said.
With the council's unanimous approval, the expanded assistance is now available to a broader pool of residents interested in the 100 Homes program.
"This is going to be an absolute game-changer for those families who have been kind of right on that cusp. And now we get to say 'There's enough. There's more,'" Mays said.
I asked Mays about his reaction to the council's support.
"We're thrilled," Mays said.
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