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The Down Payment Assistance (DPA) program is available to first-time homebuyers that are in a low to moderate income range, that is at or below 80% of area median income.  Income is calculated based on all adult household members (18 years of age and older) income that is projected for the coming 12 months.  Chesapeake Redevelopment and Housing Authority has limited funding for this program and it will be provided to qualified families on a first come first serve basis.  The DPA is available to families that are eligible and you can receive up to $20,000.  These funds are provided as a collateralized, deferred, non-forgivable loan. 

HOME funds are used for this DPA program.  HOME regulations require that the property remain affordable for a specific period.  The affordability period is as follows

HOME Investment

Affordability Period

Less than $15,000

5 years

$15,000 - $40,000

10 years