A state program aimed at helping first-time homebuyers in Utah celebrated its first anniversary in summer 2024, with more funding still available to assist more
A state program aimed at helping first-time homebuyers in Utah celebrated its first anniversary in summer 2024, with more funding still available to assist more families. A state program aimed at helping first-time homebuyers in Utah celebrated its first anniversary in summer 2024, with more funding still available to assist more families.
The First-Time Homebuyers Assistance Program, launched in 2023, provides low to moderate-income families with up to a $20,000 zero-interest loan to help them purchase their first home. The program was established by Utah lawmakers to make homeownership more accessible during a period of significant housing shortages and high home prices. In 2023, the Utah Legislature approved $50 million for the program. To date, the program has disbursed $26 million, aiding over 1,300 families in purchasing their first homes, according to David Damschen, CEO of the Utah Housing Corporation, the public agency overseeing the initiative. “A lot of the homebuyers we are helping would not be able to purchase a home were it not for this program,” Damschen said. The zero-interest loans, capped at up to $20,000, can be used toward a down payment, closing costs, or to reduce the interest on a home loan. The funds are designated exclusively for newly constructed homes priced at $450,000 or less, encouraging developers to build more affordable housing in a market with limited supply. “Most of these units are being purchased in Utah County and Tooele County, predominantly condos or townhomes,” Damschen said, highlighting the types of properties that new homeowners are buying through the program. The program aims to assist families who might otherwise struggle to purchase a home in today’s market, where traditional single-family homes on larger lots are increasingly out of reach for first-time buyers. “A lot of people start out buying a home like their parents or grandparents did: two-bedroom, two-bath on a quarter acre with a backyard. We are in an environment where that's probably not realistic for a lot of first-time homebuyers," he said.Potential interest rate cuts on the horizon good news for Utah home buyersDamschen also pointed out that many of those who qualify for the First-Time Homebuyer Assistance Program may also be eligible for other state programs, such as down payment assistance, further helping them achieve homeownership. With nearly half of the allocated funds still available, the program continues to offer opportunities for more families to benefit . “People are so discouraged and assume they can't achieve home ownership. In fact, they can,” Damschen said. Damschen said discussions about making possible modifications to the program are underway — like possible adjustment, up or down, of the $450,000 cap for different types of properties. Most of the buyers who qualified for the program have purchased townhomes and condos in the $390,000 range.
Program Homebuyers Families First-Time Damschen $20 000 Housing
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