New program to provide down payments for more than 220 South Dakota families

Published: Nov. 30, 2017 at 4:48 PM CST
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A new program will help more than 220 South Dakota families achieve home ownership.

That program is called "Neighborhood Lift". Wells Fargo is providing $2 million in seed money to jump start the process.

Governor Daugaard says this will go a long way in boosting the state's efforts to develop a stronger workforce.

For those wanting to buy a home in South Dakota but feel like they're priced out of the market, this announcement is welcome news.

Corey Heaton with Wells Fargo says, "This Wells Fargo program will provide $7,500 to more than 220 eligible homebuyers in South Dakota."

Wells Fargo says it's more than $2 million 'Neighborhood Lift' fund should lead to homeownership for 224 families looking to buy a home to call their own.

To qualify, a homebuyer must be purchasing a home through any eligible lender and must make 80% or less of the area's median income.

But there is an exception to that late rule.

"For those who are veterans, service members, teachers, law enforcement officers, firefighters and emergency medical technicians, they may earn up to 100% area median income." Lori Moen is with "GROW South Dakota", a partner in this program which has been promoting home ownership in the state for five decades.

While Wells Fargo is putting up the cash, 'Neighborhood Lift" is also being adminstered by the federal agency "NeighborWorks America". Their job is to make sure homebuyers can not only get a home but have the financial know how to keep the home. John Santer with "NeighborWorks America" says, "All applicants of Neighborhood Lift will receive homebuyer education and counseling through a HUD approved counseling agency."

Governor Daugaard says he's pleased to see private business jumping on the bandwagon to help the state meet housing demand. Housing supply needs to increase if the state is going to recruit new businesses to come here. "But government can only do so much. It can't meet all of people's needs. It can't cure all of our housing needs and we can't provide the American dream for everyone."