New Program Making Home Buying Affordable for Low Income Families

New Program Making Home Buying Affordable for Low Income Families

SIOUX FALLS, S.D. — Buying a home in South Dakota may have gotten easier – through an initiative providing down payment assistance.

Wells Fargo along with Governor Daugaard, NeighborWorks America and GROW South Dakota announced that the NeighborhoodLIFT program offers $2 million dollars for the state in hopes of encouraging home ownership for eligible buyers.

The program provides low and average income home buyers $7,500 each as down payment assistance. Organizers estimate the program to benefit 220 families.

Corey Heaton of Wells Fargo says this program is important because while there are difficulties in buying a home there’s also the pride of being a homeowner.

“Anytime you can remove a potential barrier for a home buyer is excellent and so with the neighborhood lift program with Wells Fargo we are trying to come in and provide and remove that barrier, so they can achieve that dream of home ownership or get back into a home,” says Heaton.

Governor Daugaard says the state has much to gain from this program.

“NeighborhoodLIFT program is a huge win for our state and it truly meets a growing need on the way to sustainability communities and home ownership for everyone,” says Gov. Daugaard.

Other needs are affordable housing in Sioux Falls and providing housing down payments according to Maggie Miller with Hegg Realtors.

Miller says buyers’ main concern comes before they even have the house.

“People get really worried about where am I going to come up with my down payment money, and is it really going to suck me dry am I going to have enough money to maintain after I put that down on a home,” says Miller.

Miller encourages those struggling to look into assistance programs.

The NeighborhoodLIFT program began in 2012 nationally, and kicked off in South Dakota a month ago.

Officials add that there are already 30 interested home buyers. The program is available in every South Dakota county and a link for eligibility is listed below.

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