Clark County launches down payment assistance program to boost homeownership among low-income families

First American Bank & Trust is breaking barriers to homeownership in Athens, Clarke County, with a new initiative aimed at assisting low-income families. During a recent government meeting, bank representatives highlighted their commitment to making homeownership accessible, particularly for those earning at or below 80% of the area median income (AMI).

The program focuses on providing down payment assistance to eligible families, which is crucial for those struggling to afford a mortgage. "We're working at it from the top down by trying to bring in some extra funding for the down payment," said a bank spokesperson. This approach aims to lower loan amounts to better align with the incomes of potential homeowners.

A significant aspect of the initiative is outreach to communities that traditionally may not engage with banks. The bank recognizes a historical mistrust in banking among certain groups, particularly those who keep their money at home. To address this, they have enlisted community advisors to help tailor their communication strategies. "If we don't talk to people about it, they won't even know," the spokesperson emphasized.

The program also includes a requirement for homebuyer education, partnering with the Athens Land Trust, a HUD-certified housing counselor. This education is designed to empower potential buyers with the knowledge needed for successful homeownership, even if they are not ready to buy immediately. "Home buying is a marathon process. It's not a sprint," the spokesperson noted, highlighting the importance of preparation.

Since its inception, the program has seen notable successes, including partnerships with affordable housing organizations that help subsidize home prices. For example, families qualifying for the program can receive up to $28,000 in down payment assistance, significantly reducing their monthly mortgage payments and increasing their equity in the home.

While the initiative is making strides, challenges remain, particularly in the availability of affordable housing stock. However, the bank is committed to continuing its efforts to connect with the community and expand access to homeownership opportunities. As they move forward, the focus will remain on collaboration and education, ensuring that more families can achieve their dream of owning a home.