Buying at Village on Monroe Assistance

The Village on Monroe is a new and unique style of affordable housing. A collaborative effort of public and private entities for the reinvestment into the Rapid City community that will make the dream of home ownership a reality for Rapid City’s low- to mid-income residents.

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Village on Monroe

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NeighborWorks offers multiple programs to help make buying your Village on Monroe townhouse more affordable:
Village on Monroe Grants to Qualified Buyers

Help pay for your down payment and closing costs when purchasing a VOM Townhouse:

1 bedroom grant up to $2,200.00

2 bedroom grant up to $3,200.00

 

The Buyers household income must be below 115% AMI Limit. 

1 person household income must be below $56,925 to qualify for a Grant

2 person household income must be below $64,975 to qualify for a Grant

3 person household income must be below $73,140 to qualify for a Grant

4 person household income must be below $81,190 to qualify for a Grant

 

*Income limits may vary, OAC, contact NeighborWorks for current income limits and program requirements.

NeighborWorks Homebuyer Education course is required for all down payment and closing cost assistance programs listed above.  NeighborWorks HBE classes are available online or in person at no charge to the homebuyer.

NeighborWorks Down Payment and Closing Costs Assistance (DPCC)

Loans for qualified buyers:

  • HOF DPCC– down payment and closing cost assistance loan up to $5,000 (115% AMI limit) (30 year deferred payment loan @0% interest rate and $0 monthly payments)

1 person household income must be below $56,925 to qualify for HOF DPCC

2 person household income must be below $64,975 to qualify for HOF DPCC

3 person household income must be below $73,140 to qualify for HOF DPCC

4 person household income must be below $81,190 to qualify for HOF DPCC

  • Legacy Fund DPCC– down payment and closing cost assistance loan up to $2,000 for SINGLE PARENTS ONLY (150% AMI limit) (30 year deferred payment loan @0% interest rate and $0 monthly payments)

3 person household income must be below $74,250 to qualify for Legacy Fund DPCC

3 person household income must be below $84,750 to qualify for Legacy Fund DPCC

3 person household income must be below $95,400 to qualify for Legacy Fund DPCC

4 person household income must be below $105,900 to qualify for Legacy Fund DPCC

  • Neighbor Next Door DPCC-  down payment and closing cost assistance loan up to $7,500 Available for teachers, nurses, police officers, fire fighters, etc. (150% AMI limit) (3% interest rate, 10 year term with low monthly payments)

1 person household income must be below $74,250 to qualify for NND DPCC

2 person household income must be below $84,750 to qualify for NND DPCC

3 person household income must be below $95,400 to qualify for NND DPCC

4 person household income must be below $105,900 to qualify for NND DPCC

  • NLS DPCC- down payment and closing cost assistance loan up to $7,500 (100% AMI limit) (3% interest rate, 10 year term with low monthly payments)

1 person household income must be below $49,500 to qualify for NLS DPCC

2 person household income must be below $56,500 to qualify for NLS DPCC

3 person household income must be below $63,600 to qualify for NLS DPCC

4 person household income must be below $70,600 to qualify for NLS DPCC

 

*Income limits may vary, OAC, contact NeighborWorks for current income limits and program requirements.

NeighborWorks Homebuyer Education course is required for all down payment and closing cost assistance programs listed above.  NeighborWorks HBE classes are available online or in person at no charge to the homebuyer.

Dakota Land Trust Program
  • DLT buys the land and you buy the house and receive a 99 year lease with a $25 monthly lease payment for the land.

With an estimated lot cost of $25,000, the Dakota Land Trust could lower your monthly payment by over $85.00 per month ($25,000 loan, 30 year term, 3.50% rate =$112.26 payment vs $25.00 lot rent = $87.26 monthly savings) example only.

DLT is available to qualified buyers with an 80% AMI limit.  See NeighborWorks for more details

Income limits apply contact NeighborWorks for more details.  The Buyers household income must be below 80% AMI Limit. 

1 person household income must be below $39,550 to qualify for DLT

2 person household income must be below $45,200 to qualify for DLT

3 person household income must be below $50,850 to qualify for DLT

4 person household income must be below $56,500 to qualify for DLT

 

*Income limits may vary, OAC, contact NeighborWorks for current income limits and program requirements.

NeighborWorks Homebuyer Education course is required for all down payment and closing cost assistance programs listed above.  NeighborWorks HBE classes are available online or in person at no charge to the homebuyer.

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