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City of Toledo Downpayment Assistance Program

The City of Toledo has funds available to assist
homebuyers with downpayment and reasonable
closing costs. Grant amount will be based on the
purchase price or appraised value; whichever is less,
and the Census Tract in which the property is located.
Homes located inside low- to moderate- income
census tracts will be eligible for downpayment
assistance of up to 6% of the purchase price or
appraised value, whichever is less, not to exceed
$6,500.
Homes located outside of low- to moderate- income
census tracts will be eligible for downpayment
assistance of up to 6% of the purchase price or
appraised value, whichever is less, not to exceed
$4,500.

TERMS, CONDITIONS, AND RECAPTURE


The homebuyer will execute a Grant Agreement and
Restrictive Covenant with the City of Toledo and will
agree to occupy the housing unit through the Period of
Affordability (5 years).
The Grant is subject to recapture, during the Period of
Affordability (5 years), if the applicant moves, transfers,
sells, or in the case of death. If Grantee defaults within
the first five years, recapture will be based on a prorated
basis using 60 months.
ELIGIBILITY
• Property must be within the City of Toledo
corporate limits
• Existing residential properties that are decent,
safe, and sanitary.
Single Family – one family residence;
existing new construction
Condominium Unit
• First time homebuyers whose income does not
exceed 80% of area median income adjusted
for household size (Income Limits) and an
individual and his or her spouse who have not
owned a home for the last three (3) years.
• Homebuyers must contribute a minimum of
$500 of their personal funds towards the
transaction
• Homeownership counseling must be received
from Neighborhood Housing Services of
Toledo, Catholic Charities, or other entity
approved by the City.
• Net family assets in excess of $5,000, annual
income shall include the greater of the actual
income derived from all net family assets or a
percentage of the value of such assets based
on the current passbook savings rate.
• Visual Paint Inspection – a licensed lead risk
assessor employed by the City of Toledo will
provide the visual paint inspection at no cost.
• Home Inspection – an inspection by a home
inspector is required to inform the homebuyer
and the City of the conditions of the property.
The cost of the inspection will be counted as
part of the homebuyer’s $500.00 equity
ontribution.
• The homebuyer must be approved for a fixed
rate or 7 year ARM mortgage loan to be
eligible.
PARTICIPATING LENDING INSITUTIONS
National City
Tom
Montrie
419.259.
7705

Huntington
Stanley
Kolebuck
419.893.
5090

NOIC
Mark
Vinciguerra
419.885.
8300

Key
Shirley
Schimmel
419.259.
8438

Fifth Third
Renea
Wilson
419.418.
6677

TUFCU
Suzette Cowell
419.255.
8876

NODA

Down
Payment
Assistance
419.243.
3734

NHS
Down
Payment
Assistance
419.691.
2900

TACCU
Timothy
Crosby
419.841.
9838 X 1130