Birmingham City Council helping potential homeowners

BIRMINGHAM, Ala. ( WIAT ) — The city of Birmingham is making the path to home ownership more attainable for some Birmingham residents.

The city council approved the “Ready to Own Program,” which will give selected participants $10,000 from a $600,000 grant to assist with the down payment cost for a home.

Justin Williams, president of the Birmingham Realtors Association, said the grant opens up many opportunities for potential home buyers in Birmingham.

“There are partnering banks as well that will provide grant funds for a potential buyer to go up to $20,000 total for down payment closing cost or buy down interest rate,” Williams said.

To qualify, a family’s income has to be 80% or below the area median income while living in Birmingham.

“This is going to be who it’s going to benefit and catapult those people who typically say ‘I just don’t have enough down payment and money to be able to purchase a home,'” Williams said. “‘I make enough money to make a monthly payment. I just don’t have enough ton of saving to put down $20,000 on a house.’ This is where we can bridge the gap for those people.”

Birmingham City Council President Darrell O’Quinn said the city is building 400 new homes to meet the demand. He said the city wants to create a pipeline where people buy and not rent.

“We want to move people who may be renting homes currently into home ownership and starting that pathway to building generational wealth,” O’Quinn said. “All of those are things that are components, reasons, for wanting to do this.”

For more information, you can visit the city of Birmingham’s community development website here .

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