Sioux Falls Community Development is pleased to announce an incentive feature to its Homebuyers Assistance Program. Since the program’s inception in 1998, it has provided loans for down payments and/or closing costs to more than 470 low-income, first-time homebuyers within the city limits of Sioux Falls. Assistance is provided as a deferred loan with repayment due when the household sells or discontinues occupancy of the property purchased. The amount of assistance provided to any one household varies from $1,000 to $6,000 depending upon income and financial need.

In conjunction with Mayor Munson’s Neighborhood Conservation Program, the Homebuyers Assistance Program will provide additional assistance as financial incentive for households to purchase properties within the core neighborhoods of Sioux Falls, effective immediately. The amount of assistance will be doubled, meaning eligible households will qualify for $2,000 to $12,000. A map showing the exact boundaries of the incentive area is available from Community Development upon request.

“Homeownership is a key source of individual wealth and national prosperity. Overall, homeowners seem to be more content with their own lives and more likely to participate in the life of their neighborhood. In some respects, the advantages of homeownership are greatest for the households who currently have the least access to them. Homeownership seems to make a particularly significant difference in the physical condition of low-income neighborhoods and, perhaps, in the lives of low-income children as well.” (U.S. Department of Housing and Urban Development, 1995. Homeownership and Its Benefits. Urban Policy Brief, No. 2, August 1995)

Please contact Community Development at 367-8180 for additional information.