Madison County Community Development will provide a portion of the minimum down payment and closing costs. The total maximum amount of assistance provided by Madison County Community Development shall be $5,000 for households at or below 50% of median income, or $3,000 for households at or below 80% of median income. Financial assistance from Madison County will be offered in the form of a forgivable loan. A lien will be filed for the amount of the assistance.
The property being purchased can be an existing or newly constructed home. It may be either a detached single-family dwelling or condominium. This program will not assist in the purchase or inspection of rental property, manufactured or mobile homes. The maximum value of the property being purchased must not exceed the program limit of $161,500.