Wright-Patt CU Pilots Stimulus-Financed, Low-Income Homebuyer Program

Register now

DAYTON, Ohio – The Dayton City Commission yesterday approved a pilot program through with Citywide Development Corp. and Wright-Patt CU will leverage $2.1 million in federal grants obtained under last year’s federal stimulus bill to provide low-cost funding for the redevelopment of foreclosed homes and abandoned property.

The program is expected to assist as many as 100 home buyers.

The loans will be 14% guaranteed by the city and will finance down payments for the purchase of vacant or foreclosed homes. It also will provide funding to do basic repairs to structures such as the roof or windows.

"It's going to take a little bit to climb back out and stabilize our market, but we think with programs such as this, we can take some pretty great strides forward," said Aaron Sorrell, Dayton's neighborhood development manager.

At this time, Wright-Patt CU is the only lender involved, but others may be added in the future.

For reprint and licensing requests for this article, click here.
Lending
MORE FROM AMERICAN BANKER