Village on Monroe Homebuyer Grant

What is Village on Monroe Homebuyer Grant?

Village on Monroe Homebuyer Grant is a grant for homebuyers in Rapid City, South Dakota, administered by NeighborWorks Dakota Home Resources.

• Grant to help qualified buyers pay down payment and closing costs when purchasing a townhouse at the Village on Monroe, an affordable for-sale townhome development in Rapid City created through a public-private collaboration.
• 1-bedroom townhouse: grant up to $2,200; 2-bedroom townhouse: grant up to $3,200.

How much assistance does it provide?

Village on Monroe Homebuyer Grant offers between $2,200 and $3,200 in assistance.

• Award tiers: 1-bedroom up to $2,200; 2-bedroom up to $3,200.
• Amounts are the program's published maximums, not an offer — NeighborWorks Dakota Home Resources determines any individual award.

Do you have to pay it back?

Village on Monroe Homebuyer Grant is structured as a grant, so it is not repaid.

• Repayment is triggered by None (grant).
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Village on Monroe Homebuyer Grant is open to buyers who will live in the home as their primary residence.

What are the income limits?

Village on Monroe Homebuyer Grant limits household income to 115% of the area median income, which varies by county and household size.

• Household income below 115% AMI: 1-person <$56,925; 2-person <$64,975; 3-person <$73,140; 4-person <$81,190.
• The limit applies to total household income, not only the borrower&rsquo;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?

Village on Monroe Homebuyer Grant can be used for townhome.

Is there eligibility for specific groups?

Village on Monroe Homebuyer Grant 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, buyers with disabilities, and first-generation buyers 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?

Village on Monroe Homebuyer Grant serves buyers purchasing in Rapid City, South Dakota.

How do you apply?

Applications for Village on Monroe Homebuyer Grant go through NeighborWorks Dakota Home Resources, 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 NeighborWorks Homebuyer Education (online or in person, free).

2. 2

   Contact NeighborWorks Dakota Home Resources to reserve funds

   Funds are reserved with the provider 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.