KC Reporter

The City of Kansas City has recently introduced the “Employee Homeownership Assistance Program” in an effort to support its employees in owning their own homes. The program, which was launched on March 21, 2024, aims to enhance homeownership opportunities for city employees by providing financial assistance and education.

According to the article, the City Council allocated $750,000 to initiate the program, with a focus on helping employees achieve stable housing and ultimately strengthen retention and attraction of the workforce. The program will work in collaboration with financial institutions and other key stakeholders to maximize its impact.

One of the key features of the program is the provision of a partial forgiveness loan specifically designed for down payment and closing costs. This financial support is complemented by educational resources to ensure that first-time homebuyers can sustainably and affordably own residences within Kansas City limits.

The program lays out specific eligibility criteria for city employees to qualify for assistance. Requirements include being a first-time homebuyer, working full-time for the city with a minimum of 5 years of service, and the property being located within Kansas City, Missouri. Qualified households can receive up to 20% down payment assistance, not exceeding $30,000, and closing cost assistance of up to $5,000. Priority will be given to employees in severely distressed census tracts.

Furthermore, there are additional requirements for applicants, such as completing financial management and homebuyer counseling, achieving a minimum credit score of 680, and pre-qualifying for a conforming fixed-rate mortgage loan. The home must also pass health and safety inspections in accordance with city guidelines.

In a statement regarding the program, it was emphasized that the initiative represents a significant milestone in the City's efforts to tackle housing affordability challenges and demonstrate a commitment to the well-being and stability of its workforce. By investing in the housing needs of its employees, Kansas City is taking proactive steps towards fostering a resilient and inclusive community for all residents.