The Infill Homeownership program provides a gap assistance loan to qualified low- to moderate-income, first-time homebuyers. Gap assistance may be used to purchase a new affordable home constructed by the City of Richland.
Upon receipt of an application
and its preliminary review, qualified applicants will be placed on the city’s Infill waiting list. Once your name reaches the top of the list you will be contacted for final gap assistance approval. This process may take up to 15 months.
A local lender holds a first-mortgage (up to 80% of the purchase price) and the city carries a deferred second-mortgage (up to 20% of the purchase price.) The maximum gap assistance is $24,000. To assure affordability, assistance may be provided in an amount less than $24,000.
Qualified borrowers will be required to provide a minimum of 1% or $1,000, whichever is greater, toward the purchase price of the home.
Assistance will be in the form of a 1% interest loan, with payment deferred for the first 30 years or until the first mortgage is satisfied. At this point, the borrower will make annual payments for 20 years.
The full amount of gap assistance and interest will also become due if the property is sold, refinanced or transferred.
Home Ownership Opportunity - Fall 2013
For questions or concerns, please contact Michelle Burden
at (509) 942-7580.