Down Payment Funds Deploying Ahead of Schedule
Wednesday, April 04, 2018
GROW South Dakota has received $4.1 million in funding to support down payment assistance for families with low to moderate income. In April 2017, GROW SD received funding from Project Reinvest for 200 deferred loans at $10,500 each and was expected to deploy them within two years. In November, 2017, the Wells Fargo Neighborhood LIFT funding for 225 forgivable loans at $7,500 each was launched and also had a two-year deployment time. In both programs, the down payment assistance was paired with a first mortgage typically financed by a Grow SD approved lender.
As of late March 2018, GROW SD has...