According to Utah state economists and experts, local home buying trends have created a significant growing wedge, forcing residents to spend ever-larger shares of their pay on housing costs. This widening chasm between the cost of available housing and what homebuyers actually pay is an underlying driver behind Utah’s current housing predicament.
With this housing challenge in mind, Layton City’s home down payment assistance available to low- to moderate-income homebuyers can be substantial benefit. The city’s At Home in Layton program currently provides $7,500 in grant funding to assist with a home down payment, closing costs, or even principal reduction.
Grant monies set aside for down payment assistance are made possible by the U.S. Department of Housing and Urban Development’s (HUD) Community Development Block Grant (CDBG) program. The program allows for funding to be disbursed within qualified communities across the country, including home-seekers in Layton.
The CDBG program year covers July 1 through June 30. The past 2020-2021 program year saw almost $113,000 in down payment funding. Grants are secured by a Promissory Note and Trust Deed. If the home is sold before the end of the fifth year from the closing date, at least a portion of the funds would need to be repaid to the City.
To apply for home down payment assistance, contact Morgan Cloward, Layton City CDBG & Economic Development Specialist, mcloward@laytoncity.org, 801-336-3770.