Payment Assistance Program

The vendor required to provide down payment assistance (DPA) program will provide financial support to help eligible individuals purchase homes within the town limits, therefore strengthening community stability, reducing commute times, and enhancing employee retention.
- Develop a down payment assistance program
1. Defining the program's purpose and target population
•    Program’s purpose: the town to promote homeownership among local workforce members who contribute directly to the safety, education, and functioning of the community. 
•    The down payment assistance (DPA) program will provide financial support to help eligible individuals purchase homes within the town limits. 
2. Identify needs, barriers, and goals*
•    Analyze local housing market conditions.
•    Pinpoint specific down payment barriers to homeownership for the target population, such as lack of funds for a down payment, interest rates, housing costs, etc.
•    Public engagement (required): propose how and when targeted groups will be engaged to identify specific needs and interests in the program.
•    Set program goals: determine how the DPA program will address identified needs.
3. Explore funding options and potential partnerships
•    Explore what funding options are available and the most viable.
•    Identify potential partners and engage in discussions to explore partnership opportunities and funding contributions.
4. Program design and structure
•    Determine assistance structure:
o    Grants and loans
o    Maximum amount to provide
o    Forgiveness and repayment terms
•    Provide guidance on program eligibility criteria that is compatible with the fair housing act:
o    Applicant requirements
o    Income limits
o    Property requirements
5. Homebuyer education:
•    Require or recommend homebuyer education courses to equip participants with the knowledge and skills needed for successful homeownership.
- Program implementation
•    determine the administrative agency responsible for the program administration:
o    Town staff
o    A third-party program administrator
•    Determine administrator responsibility
•    Determine town responsibility
•    Identify initial funding:
o    Determine the initial fund from which funds are withdrawn for the program
o    Determine maximum funding per year
o    Determine the number of homebuyers to be supported per year
o    Determine the maximum amount funded per application
•    Develop a long-term program sustainability plan
o    Determine where recaptured funds are to be saved or deposited
o    Potential partnerships, grants and donations to the program
•    Develop reporting requirements for awardees
•    Develop a marketing and outreach strategy to reach the target populations and increase awareness of the DPA program.
•    Develop performance metrics to monitor the progress and success of the program
•    Develop a standard operating procedure (sop) manual for the administration of the program.
•    Provide program training for the continuation of the program.
- Budget: $50,000

- Questions/Inquires Deadline: January 12, 2026