Salt Lake City Mayor Jackie Biskupski will join representatives from the Community Development Corporation of Utah to formally launch the Community HEROES Home Buyer Program, a down-payment assistance program for nurses, teachers, police officers, firefighters, EMTs, and 911-dispatchers who live and work in Salt Lake City.
The program will be supported by a $100,000 grant from the City’s Funding Our Future sales-tax initiative and operated by CDCU through June 2020. The program is expected to assist 6-8 qualified families who make below 80% Area Median Income (AMI), currently set at $44,800 for a single household and $64,000 for a family of four.
Qualified individuals who want to purchase a home in Salt Lake City (up to $322,055) can receive a 0% deferred loan ranging between 3-5% of the price of the home for use as a down payment. Loan payments will be deferred until the mortgage is paid off or the property is sold.
“This program will primarily help single-income families, part-time employees, and young people just starting out as public servants in our community,” said Mayor Jackie Biskupski. “We want to build a community where the individuals who serve our City, especially our first responders, can build their lives here. Too often, a down-payment is a barrier-to-entry to home ownership, and this is something we can help solve.”