NEWBURYPORT – Mayor Sean Reardon and the City of Newburyport have announced the expansion of Home Port, the City’s down-payment and closing cost assistance program.
Home Port will be available to all eligible first-time homebuyers looking to own a home in Newburyport, and who meet eligibility requirements. The goal is to increase homeownership among low- and moderate-income households.
The Newburyport Affordable Housing Trust first created the Newburyport Down Payment Assistance (DPA) program in 2010. That program was limited to down-payment assistance for deed-restricted affordable homes.
The expanded Home Port program means:
- Both deed-restricted affordable homes and non-deed restricted homes are eligible.
- Funds may be used for both down-payment assistance and eligible closing costs.
Funds are provided by the City of Newburyport’s Community Preservation Fund. The maximum assistance is $20,000.
Home Port is considered a deferred payment loan program and funding is secured through a second mortgage on the property. The loan is interest-free and must be repaid if the home is sold within five years. The home must be maintained as a primary residence.
Please visit the Newburyport Affordable Housing Trust webpage to access full program guidelines including income eligibility requirements and a list of eligible closing costs.
