The Downpayment/Closing Cost Assistance Program provides assistance to low to moderate-income families buying their first home. The amount of assistance is up to the lesser of $3,300 or 5% of the purchase price for down payment and closing cost assistance plus up to an additional $200 for a professional home inspection, contingent upon the home-buyer contributing at least $500 of their own money to the down payment and/or closing costs.

1. 0% interest
2. Repayment is deferred until the owner either sells or transfers title to another owner, the property is no longer fully occupied by the original purchasers, or five years, whichever comes first.
   
3. If the homeowner is still occupying the home at the end of five (5) years, the loan is forgiven. (During the five-year affordability period, one-fifth of the down payment/closing cost assistance is forgiven in each of the five years of homeownership, until the loan is forgiven.)

The purchase price of the home may not exceed $135,035, the family may not have owned a home in the last 3-years or have assets in excess of $5,000, and the unit to be purchased has to be owner-occupied (not tenant occupied) or vacant and be in the city limits of Eau Claire.