One of the City of St. Peters' stated priorities is to provide more home ownership opportunities for low-income to moderate-income families. Funded under a Community Development Block Grant (CDBG) by the U.S. Department of Housing and Urban Development, the City's Home Ownership Program assists with this goal through down payment assistance.
The Home Ownership Program gives qualified residents assistance in the form of a five-year, non-interest bearing deferred payment loan. After five years, the deferred loan could be forgiven if the homeowner continues to live in and maintain the home.
The loan can be used to provide down payment assistance and to cover closing costs. The maximum forgivable loan amount is $5,000. The minimum loan amount is $1,000. Qualified applicants are required to provide $1 for every $5 the City provides on the down payment portion of the assistance.
Qualified applicants must complete a 12-hour housing counseling course provided by The Northeast Community Action Corporation. The home purchased must be within the corporate city limits of St. Peters.