DREAM Fund

What is DREAM Fund?

DREAM Fund is a deferred second loan for homebuyers in Mandan, North Dakota.

• Lewis & Clark Development Group (LCDG) CDFI-funded repayable second-mortgage down payment and closing-cost assistance for working households in 15-county Western/Central ND service area. Workforce-housing focused. Income $58,450-$137,550 (80%-140% AMI).
• The DREAM Fund (Down-payment and Renovation Equity Acquisition Mortgage) is a CDFI-administered down payment and closing-cost assistance loan from Lewis & Clark Development Group (LCDG), a federally certified Community Development Financial Institution serving Western and Central North Dakota. The DREAM Fund provides repayable second-mortgage assistance to working households purchasing homes in LCDG's multi-county service area, with an emphasis on workforce housing in Bakken oil-patch and energy-impact communities. Funds may be used for down payment, closing costs, and (in some cases) limited rehab/renovation at acquisition. Income range $58,450-$137,550 reflects the 80%-140% AMI band across the multi-county service area. Repayable second.
• specific rate, term, and amortization vary by borrower tier and underwriting.
• Funding comes from Federal and CDFI.

Do you have to pay it back?

DREAM Fund is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Repayable second mortgage - amortizing monthly payments per LCDG note terms, OR balance due on sale, refinance, payoff of first mortgage, transfer of title, or non-owner-occupancy if structured as deferred per borrower tier.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

DREAM Fund is open to buyers who will live in the home as their primary residence.

What are the income limits?

DREAM Fund limits household income to $137,550.

• 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?

DREAM Fund caps the purchase price as follows: No specific DREAM Fund purchase price ceiling beyond first-mortgage product limits; if paired with NDHFA first, NDHFA limits ($481,176 non-targeted / $616,111 targeted) apply.

• Eligible property types include Single-family detached, condominium, townhouse, PUD, manufactured home on permanent foundation - 1-unit owner-occupied primary residences.
• New construction is eligible.
• Manufactured homes are eligible.

Is there eligibility for specific groups?

DREAM Fund names veterans, active-duty service members, reservists and National Guard members, surviving spouses, American Indian and Alaska Native buyers, educators, law enforcement officers, firefighters, healthcare workers, and buyers with disabilities among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

DREAM Fund serves buyers purchasing in Mandan, North Dakota.

• The program targets specific areas: Western/Central ND counties served by LCDG: Adams, Billings, Bowman, Burleigh, Dunn, Emmons, Golden Valley, Grant, Hettinger, Mercer, Morton, Oliver, Sioux, Slope, Stark - with energy-impact / workforce-housing emphasis in Bakken oil-patch counties.

How do you apply?

Applications for DREAM Fund go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Lewis & Clark Development Group HUD-approved housing counseling agency - homebuyer education and 1:1 financial counseling delivered by LCDG staff in Mandan ND and via virtual classes for the multi-county service area..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Direct application to Lewis & Clark Development Group (LCDG) at lcdgroup.org/dream-fund/. Coordinated with first-mortgage lender at loan application., and are subject to availability.

3. 3

   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.