My dad administered a similar program for getting historically disadvantaged people owning multi family homes.
Basically, folks would sign up for home ownership education, do a bunch of stuff related to maintenance, etc and shop for a two family. The housing authority (through a grant) would essentially provide a loan for 20-30% of the purchase price for down payment and some repairs. The loan would be forgiven in 5 years.
It was pretty transformative and really changed lives for the better. About 90% of the participants made it through year 5.
Basically, folks would sign up for home ownership education, do a bunch of stuff related to maintenance, etc and shop for a two family. The housing authority (through a grant) would essentially provide a loan for 20-30% of the purchase price for down payment and some repairs. The loan would be forgiven in 5 years.
It was pretty transformative and really changed lives for the better. About 90% of the participants made it through year 5.