City of Springfield offers assistance to first-time home buyers in parts of city
The city of Springfield is trying to get more to move to the northside of town through a new program aimed at single parents and first-time home buyers.
It's a 10-year-zero interest forgiveness loan. It helps first-time homeowners purchase homes.
Springfield's loan officer Bob Jones says the city wants to increase the home ownership within in parts of Zones 1 and 2. It stretches from Grand Street north to I-44, and east to west from Glenstone to West Bypass. Some homeowners and landlords in the area say they're excited to see some of these empty homes filled and the streets looking like neighborhoods again.
"They feel like a lot of the older neighborhoods have turned into a lot of rentals and they would like to encourage more owners to buy them and live there," said Jones.
The program is financed with money from the U.S. Department of Housing and Urban Development, offering up to $5,000 to first time home buyers.
"At 5 years half of it is forgiven, and then for the next five years there's 60 months in the next five years and one-sixtieth for every month they live in the house will be forgiven," explained Jones. "At the end of 10 years it, it's totally forgiven."
Click
for more information.
