Homeownership is the foundation of security and prosperity for families and an enduring symbol of American Freedom. The City of Parkersburg is committed to creating long-term neighborhood stability and household wealth. To give more people of modest means an opportunity to own their own home, the Parkersburg-Wood County HOME Consortium is pleased to launch the Downpayment Assistance Program (DPAP).
In partnership with local banking institutions, the City of Parkersburg Development Department will now start accepting loan applications for downpayment assistance and/or loan closing costs, up to $10,000. The Consortium’s loan will be forgiven if the qualified applicant resides in the property for at least five years. The program was established to help qualified, first-time homebuyers defray some upfront costs associated with homeownership.
Under the HOME Program’s regulations a qualifying applicant for the DPAP must be a low-and-moderate income person, family or household as defined under HUD’s Section 8 Income Guidelines. For example, a one person household’s annual income must be at or below $30,450 annually. A household of four must earn at or below $43,500 annually in order to income qualify.
Funding for the Downpayment Assistance Program is made possible by the U.S. Housing and Urban Development HOME Investments Partnerships Program (HOME). This program, as well as the Single-Family Housing Opportunity (SHOP) and Owner-Occupied Rehabilitation Programs are administered by the City of Parkersburg’s Development Department. The Department is proud to administer these programs on behalf of the Parkersburg-Wood County HOME Consortium, which is comprised of Wood County and the cities of Williamstown, Vienna and Parkersburg. Each year the Consortium is allocated funding to address affordable housing needs in the community.
To help promote this new program, City staff will host four informational meetings throughout Wood County beginning September 28th. The meetings will outline all of the housing programs, guidelines and benefits available to residents in the City of Parkersburg and/or Wood County. All Wood County residents that would like more information on the housing programs are encouraged to attend.
Thursday, September 28th
6:00 PM: Good Shepherd Church (903 Charles St., Parkersburg)
Thursday, October 5th
6:00 PM: Consumer Credit Counseling Service (2715 Murdoch Ave., Parkersburg)
Thursday, October 12th
6:00 PM: Vienna Public Library (2300 1st Ave., Vienna)
Tuesday, October 17th
6:00 PM: South Parkersburg Public Library (1807 Blizzard Dr., Parkersburg)
For more information on this, and many other housing programs offered, please visit the City of Parkersburg’s website at www.parkersburgcity.com/housing.
For questions regarding the application process, and eligibility requirements for the Downpayment Assistance Program or any other programs offered by the City of Parkersburg please contact the Development Department at 304.424.8519.