In a move that spells relief for first-time homebuyers in Fort Worth, the City Council has ramped up financial aid, swelling the Homebuyer Assistance Program's funds to $25,000. This initiative provides a substantial leg-up for individuals grappling with the initial costs of securing a home. As of Tuesday, the unanimous decision by the officials has raised the support amount by $5,000, a response to the city’s burgeoning population and the climbing housing market prices, according to the City of Fort Worth.
The program, which first saw the light of day in 1997, is no stranger to adjustments, having its assistance amount previously set at $20,000 back in 2018. Flanked by strong home sales and steadily inflating sales rates, the recent increase was deemed necessary. The revamped program is backed by federal housing dollars, aiming its support at low- to moderate-income households in the cowtown.
Crunch the numbers and since 2018, you'll find that a total of 243 households have been buoyed by an aggregate of $3.8 million from the kitty. Assistance comes in the form of deferred forgivable loans, reducing the financial strain of down payments and closing costs associated with buying a home within city limits.
