“Matched Savings”

Down Payment Assistance (DPA)

What is the Down Payment Assistance (DPA) Program?

The DPA program is a one-to-one (1:1) Matched Savings program, with up to $25,000 in matched savings, to help cover the required down payment and/or closing costs for the purchase of a home for low-to-moderate income (LMI) households.

Down Payment Assistance (DPA) is awarded as a deferred loan with no payments and no interest that is forgivable after a period of time.

The DPA funds are very limited for specific cities within Salt Lake County and qualified applicants will receive their financial award on a first come, first qualified basis. No waiting list, no funds reserved.

Eligible applicants are allowed to combine both Down Payment Assistance (DPA) funds and Individual Development Account (IDA) funds to use for a down payment for a home.

Qualifications:

  • Applicants must be a first time home buyer as defined by HUD.

  • Applicant(s) must complete a counseling session from a HUD-approved agency and a Homebuyer Education course from an approved course provider.

  • Applicant(s) must be household income eligible at or below 80% of the Area Median Income (AMI).

  • Applicant(s) must occupy the purchase property as the principal residence during the entire term of the deferred loan.

  • Applicant(s) must be under contract to purchase a property at the time of submitting an application.

  • Purchase property must be owner occupied. If purchase property is tenant occupied (rent-free or renting) by any person other than the household's immediate family, DPA funds cannot be awarded.

  • Applicant(s) must meet cash reserve requirement to cover at least one month of the total monthly housing expenses included in the front-end ratio after purchase.

  • Applicant(s) must meet minimum residual income guidelines depending on household size.

  • Property must be within eligible city boundaries (see map below). As of January 2023, that includes only: Salt Lake City, Sandy City, South Jordan City, Taylorsville City, West Jordan City, and West Valley City.

Locations that are eligible for consideration for Down Payment Assistance grants are in cities within Salt Lake County, marked here in white. (Confirm your eligibility with your IRC Financial Coach.)

DPA Eligibility Map:

Down Payment Assistance Program Eligibility Map

Click on map for full-size view.

As of January 2023, eligible locations include those in white on the map above: Salt Lake City, Sandy City, South Jordan City, Taylorsville City, West Jordan City, and West Valley City.

For additional information about the Matched Savings Down Payment Assistance Program please contact: