American Dream Downpayment Initiative
Facilitated by the Cincinnati Department of Opportunity and Resident Services (DORS).
Our American Dream Downpayment Initiative (“ADDI”) is a program that provides down payment assistance of up to $14,000 to lower- to middle-income first-time homebuyers buying a single-family property in Cincinnati, through funding from the United States Department of Housing & Urban Development (“HUD”).
Homeownership can be a pathway to housing stability and generational wealth-building for many, but rates of homeownership remain lower among lower- to middle-income populations. ADDI addresses one of the biggest hurdles to homeownership: the upfront cash needed for a downpayment. This ultimately helps make homeownership more accessible while increasing the tax base of the City of Cincinnati.
Who Can Apply?
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Prospective Homeowners
Note: The Child Care Provider and Teacher Bonus (the “ADDI Bonus”) is an incentive that will provide an additional $500.00 to Head of Household ADDI applicants who qualify for the ADDI Program and are actively employed as a child care provider or as a teacher. If you are employed as both, you can only be eligible for one bonus. More in document linked below.
Overview
Applicants must first be pre-approved for a mortgage loan before applying to the ADDI program. Once an applicant is identified as eligible, the Department of Opportunity and Resident Services (DORS) issues a “Conditional Approval” letter with an amount of $10,000, $12,000, or $14,000, based on household income. Applicants then submit a fully executed contract to purchase, which DORS uses to initiate a housing code inspection through the Buildings & Inspections Department (“B&I”). Upon a successful inspection and compliance with all provisions of the program, DORS works with the applicant to execute an agreement with the City for the down payment assistance funds, and close on the home. Funds are awarded as a five-year forgivable loan that is subject to a subordinate mortgage. The loan is partially forgiven each year of a five-year residency requirement that is met.
For more, read the full ADDI Program Guidelines.
Contact
Department of Opportunity and Resident Services
dors@cincinnati-oh.gov
(513)352-6146