• The Oakland County Treasurer’s Office, in partnership with Independent Bank, launches a $100,000 initiative to increase homeownership among low- to moderate-income individuals and families in Oakland County.
• The Oakland County Treasurer's Independent Bank Home Buyer Assistance Program provides a $5,000 grant to eligible first-time homebuyers in Oakland County to overcome financial barriers to homeownership, focusing on down payments and closing costs.
• To qualify, applicants must be first-time homebuyers, meet income requirements, complete pre-purchase counseling, and have Independent Bank provide mortgage financing. The program is now accepting applications.

Pontiac, Mich., Sept. 19, 2024 — The Oakland County Treasurer’s Office is pleased to announce the launch of the Oakland County Treasurer’s Independent Bank Home Buyer Assistance Program, an innovative initiative designed to increase homeownership among low to moderate-income individuals and families in Oakland County. This program, developed in collaboration with Independent Bank, is a public-private partnership with an initial $100,000 commitment to provide essential financial support to first-time homebuyers.

The Oakland County Treasurer’s Independent Bank Home Buyer Assistance Program is designed to help first-time homebuyers overcome financial barriers to homeownership. The program, created as a Special Purpose Credit Program (SPCP), aligns with the Michigan Statewide Housing Plan's goals to increase homeownership among low to moderate-income individuals, specifically focusing on underrepresented communities. Eligible Oakland County homebuyers will receive a $5,000 grant per household for the down payment and/or closing costs of their first home purchase.

"Homeownership is a cornerstone of economic stability and generational wealth. This homeowner assistance program will help Oakland County residents purchase homes and invest in their futures,” said Oakland County Treasurer Robert Wittenberg. "Our partnership with Independent Bank reflects a shared commitment to making a meaningful difference in the lives of Oakland County residents. Together, we are working to remove the obstacles that have historically stood in the way of homeownership for many families and individuals."

To qualify for the Oakland County Treasurer’s Independent Bank Home Buyer Assistance

Program, applicants must meet the following criteria:

• A first-time homebuyer is someone who has not had an ownership interest in a residential property during the three years preceding the date of purchase. This includes individuals who are displaced homemakers or single parents.
• The property must be the borrower’s principal, permanent year-round residence located in Oakland County, Michigan.
• The borrower's qualifying income must be at or below 120% of Oakland County's Area Median Income (AMI), which is currently $116,760 for 2024.
• The borrower must contribute at least $1,000 in personal funds towards the purchase.
• Completion of pre-purchase counseling through an approved homeownership counseling program is required.
• Independent Bank must provide the mortgage financing for the purchase.
• The grant is exclusively for down payment and/or closing costs and can be combined with other assistance programs, as applicable.

Patrick Ervin, executive vice president of Independent Bank, added, "At Independent Bank, we believe in the power of homeownership to transform lives and communities. We are honored to collaborate with the Oakland County Treasurer’s Office on this program, which aligns with our mission to provide financial solutions that support communities and ensure homeownership is available to everyone.”

The Independent Bank Home Buyer Assistance Program is now accepting applications. Interested individuals can learn more about the program and how to apply by visiting the Oakland County Treasurer's Office website at oakgov.com/dpassist.

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For interviews or more information, contact:

Renée Walker

walkerr@oakgov.com

(313) 719-8038