Davis County to Launch New Homeownership Assistance Program
In recognition of the dramatic increase in home prices across the state, the Davis County Commission has announced the creation of a new homeownership assistance program. Utilizing $1.8 Million of Federal funds, this initiative aims to assist low-to-moderate income families overcome the unprecedented challenges to homeownership, enabling them to purchase a home that they might otherwise not be able to afford.
The program is expected to launch October 16th, 2023, with new funds being released quarterly into 2024.
The median sales price of a home in Utah increased nearly 50% in two years, from $336,300 in February 2020 to $500,000 in February 2022. It is the largest two-year increase on record, according to the State of the State’s Housing Market, 2022-2024, a report published in September 2023 by the Kem C. Gardner Institute at the University of Utah.
As explained by Commissioner Bob Stevenson, "Davis County has always been a sought-after community for homeownership. However, with shrinking land availability and a growing demand for housing, the County Commission acknowledges the need for additional action. We are thrilled about the opportunity to assist our community members in achieving their homeownership dreams. By implementing this program, we are committed to making homeownership a reality for more individuals and families, fostering a stronger and more inclusive community. Together, we can turn the dream of homeownership into a tangible and transformative experience."
Beginning October 16th 2023, income-qualified individuals and families interested in buying a home in Davis County can apply for a homeownership assistance loan of up to $50,000. These loans can be used for any combination of principal reduction, permanent interest rate buy down (up to $10,000), and/or up to 50% of the required down payment and closing costs. The loans will require no payments and will be repaid to the County (with an additional 1% interest) when the home is sold or refinanced for an ineligible reason. This program can be coupled with other State and Local homeownership assistance programs.
2023 Gross income qualification thresholds are as follows:
- 1 Person Household: $59,600
- 5 Persons Household: $91,950
- 2 Persons Household: $68,100
- 6 Persons Household: $98,750
- 3 Persons Household: $76,600
- 7 Persons Household: $105,550
- 4 Persons Household: $85,100
- 8 Persons Household: $112,350
Program guidelines for the homeownership program are available for review here. All interested parties are strongly encouraged to review these guidelines to ensure they qualify and fully understand the parameters of the program.
Applications will be processed on a first-come, first-qualified basis and must be submitted through the Neighborly online platform. Once the program is live, applicants will create an account on Neighborly and select "Davis Homeownership Program" to initiate their application.
For any questions or further inquiries about the Davis County Homeownership Assistance Program, contact:
Davis County Community & Economic Development, 61 S. Main Street, Suite 304, Farmington, UT 84025, 801-451-3251, Email: email@example.com
Davis County is committed to making homeownership a reality for all residents, helping to build stronger communities and a brighter future for families across the county. The county is nestled between the Wasatch mountain range and the Great Salt Lake. While it is Utah’s smallest county in land area, it is the third largest in population and substantially impacts the state’s economy. It is home to Hill Air Force Base, the state’s largest employer; Antelope Island, a top-five state park with over one-million visitors a year; and Lagoon, the state’s only amusement park.
Its central location provides unparalleled access to the Salt Lake International Airport, Utah’s Capitol, Salt Lake City, world-class ski resorts, and numerous outdoor recreational areas. Overall, the Davis economy is healthy and growing. Davis County has the fourth-lowest unemployment rate in the State of Utah. Key indicators, including job and population growth, are both strong and near the top of Utah’s county averages.