Couleecap's First-Time Homebuyer Program

Peggy struggled like most single-mothers to pay the bills, take care of her child, and maintain a safe and decent home.  Her daughter, Aggie, loves music and would love to turn on her stereo in the evening and dance. Unfortunately Peggy’s neighbors complained about the music.  She grew frustrated with them and with paying rent month after month, knowing that she was not building any equity or savings, and not improving her financial self-sufficiency.  While Peggy earns enough to support herself and her daughter, there was never enough money left over to put aside money for a down payment to buy a home, and even if she could the home she could afford would need so much repair that she would never be able to maintain it.  Peggy desperately wanted to provide a stable, permanent home for her daughter. 

Through advertisements at a local business, Peggy discovered the First-Time Homebuyer Program offered by the local Community  Action Agency, Couleecap, Inc. After enrolling

“The very first night after all the work of moving our belongings with the help of family and friends, Aggie and I lay in bed exhausted but happy and we both said to each other, we are finally HOME!”
 

in the program she was able to gather enough down payment
assistance to purchase a reasonably priced home in a safe neighborhood for her and her  daughter. The home did have some issues including lead paint, asbestos, and windows in need of repair.  However, by working with Couleecap staff she was able to rehabilitate the home.  The lead paint was treated, the asbestos removed, and the windows replaced.  Now the home has a new look, new floor plan, and new owners who will be valuable and vibrant members of the community for years to come.  Best of all, on their first night in their new home, Peggy told Aggie to turn up the music so they could dance – and no one came to complain.

Through her participation in Couleecap’s First Time Homebuyer Program, Peggy increased the value of her home by an estimated $15,000.  After they reside in the home for five years, $6,500 of her down payment assistance funds will be forgiven and that amount will convert into equity she owns in her home.