University District Development Corporation (UDDC) First-Time Homebuyer Program

What is University District Development Corporation (UDDC) First-Time Homebuyer Program?

University District Development Corporation (UDDC) First-Time Homebuyer Program is a forgivable loan for homebuyers in Little Rock, Arkansas, administered by University District Development Corporation (UDDC).

• The University District Development Corporation (UDDC) First-Time Homebuyer Program provides financial assistance to eligible first-time buyers purchasing a new or recently rehabilitated home within Little Rock's University District. Assistance may cover down payment, closing costs, and purchase-price reduction, with a maximum of $20,000 based on demonstrated need. Buyers must earn no more than 80% of Area Median Income and purchase a UDDC-constructed or rehabilitated home within the University District Development Area. The program is financed through the City of Little Rock with HUD HOME funds.
• Up to $20,000 in assistance.
• Down payment, closing cost, and purchase-price reduction.
• Targets the University District neighborhood.
• Need-based award.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from U.S. HUD HOME Investment Partnerships Program, passed through the City of Little Rock to UDDC.

How much assistance does it provide?

University District Development Corporation (UDDC) First-Time Homebuyer Program offers up to $20,000 in assistance.

• Amounts are the program's published maximums, not an offer — University District Development Corporation (UDDC) determines any individual award.

Do you have to pay it back?

University District Development Corporation (UDDC) First-Time Homebuyer Program is a forgivable loan, so the balance is forgiven once the program's conditions are met.

• Repayment is triggered by Governed by HUD HOME affordability/recapture provisions (period scales with assistance amount); specific trigger terms not published on the program page - left blank.
• The assistance is recorded in second_mortgage position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

University District Development Corporation (UDDC) First-Time Homebuyer Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

University District Development Corporation (UDDC) First-Time Homebuyer Program limits household income to 80% of the area median income, which varies by county and household size.

• Anticipated annual income must not exceed 80% of Area Median Income, adjusted for family size; UDDC uses current income documentation (pay stubs, benefit receipts) rather than prior-year tax returns.
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

University District Development Corporation (UDDC) First-Time Homebuyer Program can be used for single_family.

• New construction is eligible.

Where does it apply?

University District Development Corporation (UDDC) First-Time Homebuyer Program is a federal program, so it is not limited to Arkansas.

• The program targets specific areas: University District Development Area surrounding the University of Arkansas at Little Rock.

How do you apply?

Applications for University District Development Corporation (UDDC) First-Time Homebuyer Program go through University District Development Corporation (UDDC), which publishes the current terms and the application steps on its own site.

1. 1

   Contact University District Development Corporation (UDDC) to reserve funds

   Funds are reserved with the provider and are subject to availability.

2. 2

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.