First-time buyers in Romeoville may get a leg up on home ownership if the Village Board votes to participate in a down payment assistance program offered through Gates Capital Corp., a corporate and municipal finance firm.
The Assist program, presented to trustees during Wednesday’s workshop meeting, offers first-time buyers of single-family homes a subsidized mortgage rate, and provides a cash benefit applicable toward a down payment and closing costs on a conventional loan.
Buyers who meet income guidelines may take advantage of the program to purchase new construction up to $190,900 and existing single-family town homes and condominiums up to $142,000.
Village Manager Henry Sinda said Romeoville’s cost to participate will be limited to staff hours dedicated to the program’s startup with Gates Capital.
Romeoville would join 28 other Illinois communities–including Joliet and Aurora–in participating in the program if the board of trustees approves it during its regular Wednesday meeting.
