Homeownership Assistance Program

The City of Columbia Community Development Department introduced the Homeownership Assistance Program in order to help low- to-moderate-income families purchase their first home in the city limits of Columbia.

Available Assistance
Under the Homeownership Assistance Program, qualifying applicants can receive up to $10,000 or 10% of the purchase price, whichever is less. These funds come in the form of a 10-year forgivable loan at zero interest. The funds are only to be used for down payment and closing costs or to reduce the principal amount of a loan; prepaid costs such as taxes and insurance cannot be covered.
 
Eligibility Requirements
The Homeownership Assistance Program is exclusively for first-time homebuyers. Exceptions to this rule are “displaced homemakers” and “single parents. Their annual household income must not exceed 80% of the area median income (limits shown below) and buyers must provide a minimum of $500 from their own funds toward the purchase.
 
Property Guidelines
Any property purchased with program funds must serve as the borrower’s primary residence for the 10-year affordability period and must be located within the City of Columbia. It must not be situated within a designated flood plain area or on land known to be the site of the previous dumping of toxic or hazardous wastes. Mobile homes are not eligible. The property must fall within the following purchase price limits:

For existing homes:
1 bedroom; $159,000
2 bedrooms: $203,000
3 bedrooms: $246,000
4 bedrooms: $304,000
 
For new constructions:
1 bedroom: $224,000
2 bedrooms: $286,000
3 bedrooms: $347,000
4 bedrooms: $430,000
 
Income Limits
1-person household: $44,450
2-person household: $50,800
3-person household: $57,150
4-person household: $63,500
5-person household: $68,600
6-person household: $73,700
7-person household: $78,750
8-person household: $83,850
 
Note: All information mentioned above was accurate at the time of publication and may no longer be current - visit the program website for updated information.