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. Funding comes from U.S. HUD HOME Investment Partnerships Program, passed through the City of Little Rock to UDDC.

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.

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.

University District Development Corporation (UDDC) First-Time Homebuyer Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: A person previously married who owned a home with a spouse but does not currently have an ownership interest may qualify as a first-time homebuyer. Residency requirement: Property must be within the University District Development Area. Geographically restricted to UDDC-built/rehabbed homes inside the University District Development Area - not a general open-market DPA. Forgiveness term, homebuyer-education requirement, and recapture trigger are not published on the official program page (left blank rather than guessed). Confirm current funding cycle and HOME recapture terms with UDDC / City of Little Rock before publishing.

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.

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

University District Development Corporation (UDDC) First-Time Homebuyer Program serves homebuyers purchasing in Little Rock, Arkansas. The program targets specific areas: University District Development Area surrounding the University of Arkansas at Little Rock.

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