City of Columbus: American Dream Downpayment Initiative
Program Guidelines
The City of Columbus established the American Dream Downpayment Initiative (ADDI) Program to assist low and moderate income households finance the acquisition of a first home in the City of Columbus. This program may be used in conjunction with the Housing Development Program. Applicant and property criteria for participation in this program are outlined below.
Eligibility
- To be eligible, the applicant must be a first time* homebuyer; meet income guidelines; receive homebuyer education from a Housing Division Certified Agency; and purchase a single family home or condominium in the city of Columbus, Columbus Public School District.
- The funds for downpayment assistance are limited and will be available on a first come, first serve basis.
- *A first-time homebuyer is defined as an individual and his or her spouse who have not owned a home during the three-year period (thirty-six months) prior to the purchase of a home with ADDI assistance.
- A minimum of six (6) months residency in the State of Ohio and a permanent resident of the United States is required to be considered a first-time homebuyer.
- Households whose income is at or below 80% of the area median income (AMI) as defined by the U.S. Department of Housing and Urban Development (HUD), may qualify for up to 6 percent of the purchase price of the home, to a maximum loan of $5,000.
- All buyers must contribute $500 of their own funds toward the purchase of the house. This $500 may not be gifted or come from any other source other than the buyer themselves. Cost of home inspections are not included in the $500 requirement.
2008 HUD Income Guideline - 80% Area Median Income
Family: One Two Three Four Five Six Seven Eight
Yearly Income: $36,600 $41,800 $47,050 $52,250 $56,450 $60,600 $64,800 $68,950
NOTE: Total household income includes the income of all adults 18 years of age and older living in the home.
Contact: Charles Gunnell, ADDI Program Manager, 614-645-7986