The City of Little Rock’s Department of Housing and Neighborhood Programs is encouraging low- and moderate-income first time homebuyers to apply for down payment assistance of up to $5,000.

To be eligible, the homebuyers must be purchasing property within the Little Rock city limits and agree to live in the home for five years (failure to do so requires repayment of the assistance). The total of the down payment assistance from the City of Little Rock to the first-time buyer may not exceed six percent of the purchase price, not to exceed $5,000.

“We know that the down payment can be the biggest obstacle to home ownership,” said Victor Turner, Director of Housing and Neighborhood Programs. “Through this program we are able to connect Little Rock residents to this federal assistance that can bridge the gap between being a renter and being a homeowner.”

Funds for the program are provided through the U.S. Department of Housing and Urban Development HOME Investment Partnerships (HOME) program, Turner said.

Additional program requirements are:

• Buyer must document that annual household income (≤80% area median income), adjusted for family size, does not exceed the maximums.
• Buyer must be a first-time homebuyer (not have owned any residential property within last three years).
• Buyer must complete a homebuyer counseling course, acceptable to the City of Little Rock.
• The loan is forgiven in equal monthly installments over a 60-month period.
• Assistance shall be requested by applicant through a mortgage lender.
• Buyer must be approved for a first mortgage through a bank or mortgage company. The lender must a have a physical presence (i.e., location) in Arkansas.
• All repairs must be completed on the unit prior to approval of the assistance. No cash back at closing to borrower.

For more information the potential homebuyer should have the lender call Kevin Howard at 501-371-6825.

The City of Little Rock complies with all civil rights provisions of federal laws and related authorities that prohibit discrimination in programs and activities receiving federal financial assistance. The City of Little Rock does not discriminate on the basis of race, color, creed, religion, sex, national origin, age, disability, income status, marital status, sexual orientation, gender identity, genetic information, political opinions or affiliation, in admission or access to and treatment in the City’s programs and activities, as well as the city’s hiring or employment practices. Complaints of alleged discrimination and inquiries regarding the City’s nondiscrimination policies may be directed to Caran Curry, Title VI Coordinator, 500 West Markham Street, Little Rock, AR 72201, 501-371-4583, or the following e-mail address: ccurry@littlerock.gov.

This notice is available from the Title VI Coordinator in large print or recording. Free language assistance for those with Limited English Proficiency is available upon request.

La ciudad de Little Rock cumple con todas las disposiciones de derechos civiles de los estatutos federales y autoridades relacionadas que prohíben la discriminación en programas y actividades que reciben asistencia financiera federal. La ciudad de Little Rock no discrimina por motivos de raza, color, credo, religión, sexo, origen nacional, edad, discapacidad, estado de ingresos, estado civil, orientación sexual, identidad de género, información genética, las opiniones políticas o afiliación, en la admisión o acceso y tratamiento en los programas y actividades de la ciudad, así como de contratación de empleados de la ciudad. Las quejas de supuesta discriminación y consultas sobre la política antidiscriminatoria de la ciudad pueden ser dirigidas a Caran Curry, Coordinador del Título VI, 500 West Markham Street, Little Rock, AR 72201, 501-371-4583, o en la siguiente dirección de correo electrónico: ccurry@littlerock.gov