Unlocking dreams
SLDC’s HomeSTL program paves the way to homeownership
Do you dream of owning a home but wonder how you’ll ever save enough? The St. Louis Development Corporation (SLDC) has introduced a groundbreaking home ownership program called HomeSTL. It’s fueled by $3.8 million in funding from the American Rescue Plan.
HomeSTL is a First-Time Home Buyer Assistance Program designed to provide eligible homebuyers with financial support, potentially up to $50,000.
The HomeSTL program is a forgivable 5-year loan with a 0% interest rate, helping homeowners navigate the first crucial years of homeownership. The base loan size is set at $40,000, and for those purchasing homes in 2023 HUD Qualified Census Tracts (QCTs), an additional $10,000 may be granted, expanding the potential benefit.
The applicant’s income limit must be less than 80% of the Area Median Income (AMI) for the City of St. Louis. Income levels play a pivotal role in determining the amount of assistance, making this program an inclusive opportunity for a diverse range of aspiring homeowners.
The program operates on a first-come, first-served basis, with availability extended until funds are exhausted or until December 31, 2024.
For more information and to begin your journey to homeownership, visit developstlouis.org/HomeSTL. Your dream home may be closer than you think.