LANSING, MI – Michigan is offering first-generation homebuyers $25,000 in down payment assistance to help cover the upfront costs of purchasing a house.
The Michigan State Housing Development Authority, MSHDA, announced the First-Generation Down Payment Assistance program Tuesday, Feb. 18. Funded with $8 million from the state budget, the pilot program is expected to help 320 families in Michigan.
MSHDA Executive Director Amy Hovey said homeownership is an “important pathway to economic vitality and mobility,” but financial barriers put it out of reach for many first-time buyers…