The Home Buy-Down is specifically designed to provide affordability of homeownership for income qualified American Indian/Alaska Natives (AI/AN) by attacking barriers at several levels simultaneously.
The housing program is specifically designed to increase the availability of affordable housing by attacking barriers at several levels simultaneously:
- Buyer is required to pay a minimum of $2,500 towards closing costs and escrow
- KICHA pays for Home Inspection Cost – Up to $600
- KICHA pays for Down Payment – Up to $30,000
- KICHA pays for closing costs – Up to $2,500
Should the homeowner sell the property within the first five years, the Housing Program will recover 100% of the 2nd Mortgage plus interest (4% minimum) amount as part of any sales transaction. Sale of the property between the sixth and final year of their note would result in a diminishing portion of repayment of the 2nd Mortgage.