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February 18, 2025
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New MSHDA Program Offers $25,000 in Down Payment Assistance to Aspiring, First-Generation Homebuyers
LANSING, Mich. – The Michigan State Housing Development Authority (MSHDA) today launched the First-Generation Down Payment Assistance program, a pilot initiative designed to help first-generation homebuyers achieve the dream of homeownership.
The program, supported with $8 million in state budget appropriations, provides eligible buyers with a $25,000 down payment assistance deferred loan to help cover upfront homebuying costs, including the down payment, closing costs, and prepaid expenses.
“Homeownership is an important pathway to economic vitality and mobility for our state and its residents, but too many first-time buyers face financial barriers that put it out of reach,” said Amy Hovey, Chief Executive Officer and Executive Director of MSHDA. “With rents soaring, this program offers families a foot in the door and much-needed stability by helping them secure a home with a fixed monthly cost. This financial boost will allow first-generation homebuyers to invest in their futures, strengthen their communities, and build generational wealth.”
“Governor Whitmer and I are standing tall so more working families can find an affordable place to live in vibrant communities across Michigan,” said Lt. Governor Garlin Gilchrist II. “Today’s announcement will help more families cover upfront homebuying costs, keeping money in their pocket, where it belongs. It builds on our historic investments to expand affordable housing across Michigan and MSHDA’s record success each of the last two years. Let’s keep working together to make housing more accessible.”
To qualify, applicants must meet certain requirements, including:
First-Generation Down Payment Assistance is part of MSHDA’s ongoing commitment to expanding affordable housing opportunities in Michigan. It builds on successful homeownership programs like the MI Home Loan Mortgage, MI 10K DPA, and the Housing Education Program. It was designed based on an assessment of MSHDA’s MI 10K DPA program, which revealed the need to increase opportunities for aspiring homebuyers who don’t benefit from generational wealth.
Available in all 83 Michigan counties, the pilot program is a key step in breaking down financial barriers and expanding access to homeownership for more Michiganders.
To learn more about the First-Generation Down Payment Assistance program, visit michigan.gov/FirstGenDPA.
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About MSHDA
The Michigan State Housing Development Authority (MSHDA), established in 1966, provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, develop vibrant cities, towns and villages, and address homeless issues.