COLUMBIA – The Columbia Housing and Community Development Commission met Wednesday night at City Hall and discussed future funding for the city’s Homeownership Assistance Program.
Housing and Community Development Commission discussed its request of $250,000 to continue the program in 2023. The program is designed to assist low to moderate households through down payment and/or closing costs, as well as help first-time home buyers who may not have the funds for a down payment or other up-front costs when buying a home.
Individuals who apply have meet certain Department of Housing and Urban Development (HUD) income guidelines and also have to be “first-time home buyers.”
There are two exceptions to the first-time home buyer rule which are:
The Homeownership Assistance program has more details on its website.
Community Development Director Timothy Teddy expressed the community keeps this program high on their list.
“It is in our five year strategy, which is called the Consolidated Plan, which is something where we set our priorities,” said Teddy. “So, it is considered one of the community priorities to fund down payment assistance for first time homebuyers that are lower income.”
Teddy mentions that he is confident the program will be approved, but doesn’t know how much funding City Council will allot the program, due to other program competition.
“I think it’s just a question of how much but because we have more dollars being requested than are available. It’s possible that the program would be reduced for the next year,” said Teddy.
The Columbia City Council will review and approve the budget in September.