Springfield considers reviving program to reverse homeownership trend

As Springfield sees a decline in the percentage of residents who own the homes they live in, the Springfield City Council is considering reviving a pilot program aimed at curbing that trend.

The city’s Down Payment Assistance Program would provide first-time homeowners a loan that they would not have to pay off if they lived in their home for at least 10 years.

Since 2000, the rate of owner-occupied housing across Springfield has decreased about 12 percent, according to city data.

Under the down payment program, first-time home buyers could get a loan of up to $5,000 for a house in a designated revitalization area — roughly the city’s northwest quadrant.

The loans come with other conditions, including an income cap of $48,000 for a family of four and a requirement that the homeowner get a mortgage from a lending institution.

Read more: Springfield News-Leader

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