Decatur partners with banks to launch Homebuyer Assistance Program

DECATUR, Ill. (WCIA) — The City of Decatur has partnered with two banks to help lower income residents with homeownership opportunities.

Decatur is partnering with Heartland Bank & Trust and Regions Bank to launch the Homebuyer Assistance Program. This is a city-wide program that provides down payment and closing cost assistance to homebuyers toward single-family homes.

The banks involved will refer to Decatur’s financial assistance program and will ensure residents meet the requirements.

“Homeownership is attainable in the City of Decatur and our program is putting people on the path to long-term success,” said Richelle Dunbar, City Economic & Community Development Assistant Director. “But we can’t do it alone, so we are grateful for Heartland and Regions being the first banks to make it possible for residents to become homeowners.”

Basic requirements to qualify for assistance from Decatur include:

• Home purchase price must be at most $117,800
• Must have a signed contract for the home
• Must be approved for a primary mortgage
• Must have a closing company/attorney with a closing date
• Must attend and produce a homebuyer counseling certificate from a HUD certified counseling agency (such as the Community Investment Corporation of Decatur)
• Must attend a city-approved property maintenance course
• Cannot owe the city any fines, taxes or fees
• Applicants must meet median family income requirements
• Residents must use the home as their primary residence for a minimum of five years

The amount of assistance granted to each person depends on the financial need of the applicant and the price of the home, among other factors. Financial assistance will be a deferred forgivable loan that ensures Decatur can confirm the property acquired is a safe, affordable and sanitary.

For information, visit the Decatur, IL official website or contact Aaron Eubanks at aeubanks@decaturil.gov or 217-424-2797. This program is part of the Decatur Homebuyer Initiative, a community-wide program preparing residents to become homeowners. Learn more on the Community Investment Corporation of Decatur website.

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