The City of Kansas City, Missouri is now accepting applications from first-time homebuyers for the KC Dream Home Program. The KC Dream Home Program provides homeownership opportunities to people who may otherwise lack the resources to own their own home. The program specifically targets low-to moderate-income first-time homebuyers and displaced homemakers, and purchased homes must be within city limits.
Assistance will be provided in the form of a second mortgage loan equal to 20 percent of the purchase price, with a maximum of $20,000 per home for down payment and closing costs. Loans will be underwritten at 0 percent interest and will be forgivable after the owner has owned and lived in the house for 10 years. No monthly payments are required. Applicants must meet income and homeowner eligibility requirements and may only purchase homes that meet program requirements.
The City will administer the program through the Housing Development Division of the Planning and Development Department. Funding for the program comes through the US Department of Housing and Urban Development's (HUD) American Dream Down Payment Initiative Program and the Home Investment Partnership Act program. Interested persons should contact one of the participating lenders to apply for the program. Participating lenders and other program information can be viewed at www.kcmo.org/planning.nsf/web/kcdream. For additional information, contact Coleman McClain, Housing Development Division, (816) 513-3008.