Public Safety Down Payment Assistance Program

What is Public Safety Down Payment Assistance Program?

Public Safety Down Payment Assistance Program is a forgivable loan for homebuyers in Sioux Falls, South Dakota, administered by City of Sioux Falls.

• Forgivable-loan downpayment and closing-cost assistance for full-time certified law enforcement officers and firefighters to buy and occupy a home in designated at-risk Sioux Falls neighborhoods, to stabilize and promote safety.
• Up to $20,000 or 20% of the purchase price, whichever is less, toward down payment, closing costs, and prepaid items.
• Funding comes from City of Sioux Falls.

How much assistance does it provide?

Public Safety Down Payment Assistance Program offers up to $20,000 in assistance.

• Amounts are the program's published maximums, not an offer — City of Sioux Falls determines any individual award.

Do you have to pay it back?

Public Safety Down Payment Assistance Program is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Due (principal, no interest) if within 5 years the home is sold/conveyed, relinquished, no longer occupied, public-safety employment is terminated, or the agreement is terminated for noncompliance. Fully forgiven after 5 years.
• The assistance is recorded in Second mortgage (inferior to primary lender's first 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?

Public Safety Down Payment Assistance Program is open to buyers who will live in the home as their primary residence.

What kind of home can it be used for?

Public Safety Down Payment Assistance Program caps the purchase price at $340,000.

Is there eligibility for specific groups?

Public Safety Down Payment Assistance Program names law enforcement officers and firefighters 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?

Public Safety Down Payment Assistance Program serves buyers purchasing in Sioux Falls, South Dakota.

How do you apply?

Applications for Public Safety Down Payment Assistance Program go through City of Sioux Falls, which publishes the current terms and the application steps on its own site.

1. 1

   Contact City of Sioux Falls 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.