Bay County leaders working to increase home ownerships
Currently, 70% of Bay County residents are renters while only 30% are homeowners, but county leaders are making some changes to the state-funded Local Housing Assistance Plan (LHAP) in hopes of changing that.
The $40 million program was designed to help build homeownership and increase the health of the local housing market, but leaders have agreed to make some changes to the program especially following COVID-19.
Changes will raise the maximum amount of funding that can be spent to repair or replace homes and increase the amount of funding available for mortgage assistance.
“So for example, in prior years an individual was able to apply for purchase assistance and they could receive up to $25,000 in down payment and closing cost assistance. Now they can receive up to $50,000 which would help greatly bring down the cost of a home and make it more affordable and sustainable for them,” said Bay County director of community development, Michael Johnson.
The program will launch its new website "rehousebay.org" this Friday where you can find more information and apply for the program.