Athens housing program almost a reality

by Rebecca Hohe
For The Post

More Athens residents soon will have the chance to become to homeowners - thanks to an new city loan program.

The Athens Home Ownership Made Easier, or HOME, program will allow potential homebuyers to purchase homes. It offers down payments to low-income homebuyers, said Dale Tampke, Athens city councilman and program developer.

"Our long-term goal is to encourage more home ownership and diverse home ownership in the city," he said.

HOME came from a feeling that the city needed to do something to help lower-income homebuyers, Tampke said.

HOME will give qualified buyers a forgivable loan for up to $10,000 to be used towards down-payment expenses. With this loan, one-seventh of the loan is forgiven for every year the owner lives in the home - meaning that after seven years of residence, they do not owe any money to the city, Tampke said.

To qualify, buyers must have income levels less than 90 percent of the median income for the county, according to an Athens City Council news release. Therefore, a family of four would have to have an income level less than $40,000 annually.

Currently, many of the homes in Athens are rentals or higher-priced properties, leaving little room for low-income homebuyers. This program should encourage home ownership among lower income families, Tampke said.

"Initially, we want to see if this kind of assistance is viable," he said.

But before the program can kick off, a goal of $50,000 must be met. Currently, the 40 percent of this goal is collected, which includes a $15,000 donation from the city, according to the release.

"I'd love to have $50,000 in hand by the end of May," Tampke said. "Then we can get the money to the people who need it."

Hocking Valley Bank donated $5,000 last week to HOME, bringing it closer to the goal, said Scott Nisley, executive vice president of Hocking Valley Bank.

"We wanted to do something significant to increase home ownership within the city," he said. "Our investment in the HOME program will help make this promising program a reality."