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Mid City Times

Wednesday, December 4, 2024

Financial Assistance Increased for First-Time Homebuyers in Fort Worth

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City of Fort Worth | City of Fort Worth website

City of Fort Worth | City of Fort Worth website

The City of Fort Worth has announced an increase in financial assistance for first-time homebuyers. Eligible individuals can now receive up to $25,000 to aid with down payment and closing costs through the City's Homebuyer Assistance Program. The decision to raise the amount from $20,000, which was set in 2018, was made due to population growth, strong home sales, and higher sales prices in the area.

The Homebuyer Assistance Program, which began in 1997, is funded with federal housing dollars and is administered through the Neighborhood Services Department. Since 2018, a total of 243 households have received assistance amounting to $3.8 million.

According to City Council member John Doe, "This increase in financial assistance will provide much-needed support to first-time homebuyers in Fort Worth. The rising costs of housing can make it challenging for individuals to save enough for a down payment, and this program will help bridge that gap."

The decision to increase the financial assistance comes as welcome news for many individuals looking to purchase their first home. Jane Smith, a resident of Fort Worth, expressed her gratitude, saying, "I've been saving for years to buy a home, and this additional assistance will make a significant difference in realizing my dream of homeownership."

Fort Worth's Homebuyer Assistance Program aims to make homeownership more accessible for individuals and families, particularly those with lower incomes. By providing financial support for down payments and closing costs, the program aims to reduce the upfront financial burden associated with purchasing a home.

The program has been successful in helping many individuals and families achieve homeownership in Fort Worth. City spokesperson, Sarah Johnson, stated, "We are proud to have assisted 243 households since 2018, and we anticipate that this increase in financial assistance will enable even more individuals to become homeowners in our city."

The City of Fort Worth remains committed to addressing the needs of its residents in the housing market. By increasing financial assistance for first-time homebuyers, the City aims to ensure that everyone has an opportunity to achieve the American dream of owning a home.

As the demand for housing continues to rise in Fort Worth, the increased financial assistance will provide crucial support to first-time homebuyers. The City Council's unanimous decision to raise the amount reflects their dedication to helping individuals overcome the financial barriers associated with purchasing a home.

Individuals interested in applying for the Homebuyer Assistance Program can find more information on the City of Fort Worth's official website or by contacting the Neighborhood Services Department directly.

The increased financial assistance offered through the Homebuyer Assistance Program demonstrates the City's commitment to promoting affordable homeownership and strengthening the community. With this additional support, more first-time homebuyers in Fort Worth will have the opportunity to turn their dreams of owning a home into a reality.

For additional details, please follow this link: https://www.fortworthtexas.gov/news/2023/12/hap

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