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November 12, 2007 - 10:49PM
Updated: November 13, 2007 - 5:30AM
Gilbert considers money for 1st-time home buyers
Comments | RecommendChris Markham, Tribune
The Gilbert Town Council will consider increasing the amount of money available to assist first-time home buyers.
Town staff have recommended the council approve a change order that will mean increasing funding for the home ownership assistance program by $12,082, adding to the current $234,536.
The council is set to vote on the matter at its regular meeting tonight. Gilbert’s program is administered through Maricopa County and provides financial and counseling assistance to low- and moderate-income people who want to buy their first house in the town.
The program provides a secured, no-interest loan that is later repaid when the home is sold or refinanced. The fund is generally sustained as past recipients repay the loans.
Last year, two past home buyers repaid their Gilbert loans. The program has already helped two Gilbert home buyers this fall and is expected to help another recipient within the next few weeks, according to a town staff report.
Applicants with children younger than 18 who complete the counseling portion of the program can receive up to $50,000 to help fill the gap between what they can afford and the actual home price.
All other households are eligible for up to $15,000 in assistance in the form of a no-interest, second mortgage that is due when the property is sold, refinanced or when the owner no longer lives in the home.
The council will meet at 7 p.m. at the Gilbert Municipal Center, 50 E. Civic Center Drive.





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