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City presents proposed down payment assistance pilot offering up to $10,000 per household
Summary
Community Development staff proposed a CDBG-funded pilot to provide up to $10,000 in 0% deferred loans to eligible households earning at or below 80% AMI, aiming to assist 3–5 homebuyers in the first 12–18 months and to recycle repayments into future assistance.
Michael McInnis of the City of Prescott’s Community Development Department outlined a proposed down payment assistance pilot that would use CDBG dollars to help income‑eligible homebuyers with down payments and closing costs.
Under the proposal, eligible households earning at or below 80% of area median income (AMI) could receive up to $10,000 through 0% interest, deferred-payment loans secured by a junior deed of trust. McInnis said repayment would be deferred until…
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