A homebuyer assistance program that began in Wilmington last July has allocated all of its available funds and is suspending new applications.
The program provided up to $10,000 to prospective homebuyers in zip codes 19801, 19802 and 19805.
Wilmington Housing Director Timothy Crawl-Bey said 33 homebuyers qualified to receive a combined $277,000, with an additional nine expected to be approved to receive funds. The loans are converted into grants after the homebuyer has lived in the home for five years.
“As with all of our programs, the goal of our Homebuyer Assistance Program is to promote homeownership and strengthen City neighborhoods,” Crawl-Bey said. “All proceeds from our efforts are reinvested into our various programs so that we can preserve and maintain our City’s historic housing stock.” He added that the city may reopen the program to new applicants in the future if the Department of Real Estate and Housing can generate more funding for the program from the rehabilitation and subsequent sale of properties owned by the City.
Funding for the Homebuyer Assistance Program had been provided through the Neighborhood Stabilization Program.