Downpayment Assistance Program reopens to boost homeownership in Detroit

In this upcoming presidential campaign, a big talker has been the economy and a big part of that has been home ownership.

Homeownership, considered an American Dream, has felt unattainable for many Americans, according to one survey by Divvy Homes and another by Credit Karma.

VIDEO: Michal and Megan Williams talk about becoming new homeowners

VIDEO: Michal and Megan Williams talk about becoming new homeowners

A federally funded assistance program for Detroiters has worked to change the narrative. About 434 Detroiters have become first-time homeowners so far through Round 1 of the city of Detroit’s Down Payment Assistance Program (DPA).

Realtor Marliesha Darnell says from her perspective, the program and ones like it have been working.

“Those programs are helping because it reduces the amount of money that you have to bring to the closing table and help cut down your monthly expenses,” said Darnell.

Round 2 of the program opened Thursday and is expected to help up to 300 more Detroiters. The program provides up to $25,000 in down payment assistance for low to moderate income residents who currently pay as much in rent as they would on a mortgage but need some help paying one-time upfront costs associated with a home purchase, most significantly a down payment.

VIDEO: Mayor Mike Duggan speaks about Downpayment Assistance Program

Mayor Mike Duggan speaks about Downpayment Assistance Program

Darnell is part of a group of Black female realtors, The Darnell Dunham Collective. They have actively been reaching out to clients who might benefit.

Funding is available until it runs out.

The National Faith Homebuyers, The Ownership Initiative and around 70 banks have partnered to administer the program and help the city with applicants.