West Monroe Homebuyer Assistance Program (Make A Difference Grant)

The West Monroe Homebuyer Assistance Program is a municipal initiative funded through the Louisiana Office of Community Development – Local Government Assistance (OCD-LGA) as part of the FY2024 Louisiana Community Development Block Grant (LCDBG) “Make A Difference (MAD)” Grant. Administered by the City of West Monroe, this program provides income-qualified first-time homebuyers with down payment assistance to facilitate affordable homeownership within city limits. It is designed to address housing insecurity among low- to moderate-income residents while promoting neighborhood stability and community investment. The funding structure reflects federal priorities from HUD, with the city acting as a direct recipient and local administrator of CDBG resources. The program targets households earning at or below 80% of Area Median Income (AMI) and is explicitly designed for individuals and families who have not owned a home in the past three years. Eligibility is limited to purchases within the corporate boundaries of West Monroe, Louisiana. Participants must use the property as their primary residence for a minimum of five years and complete a HUD-certified housing counseling course. Creditworthiness is also a factor; buyers must have a minimum credit score of 620 and secure a pre-approval letter from a qualified lender. Assistance is delivered in the form of a “soft second” forgivable mortgage loan—structured as 0% interest and requiring no monthly payments, with full forgiveness after five years of occupancy. Applicants may receive up to 20% of the purchase price, with a maximum award of $25,000. The awarded funds are paid directly to the closing agent and cannot be received by the buyer in cash or rebate. The soft second loan is recorded as a lien, subordinate to the first mortgage, and is enforceable through a recapture mechanism. If a buyer sells, leases, or vacates the home within five years for any reason other than allowable exceptions (e.g., death, divorce, or job relocation beyond 100 miles), a prorated repayment is required. Each year of compliant occupancy reduces the repayment obligation by 20%. The city accepts online and paper applications, with a defined submission window for the 2026 cycle from March 16 to April 17. Paper forms are distributed and accepted at City Hall, the West Monroe Community Center, and the West Ouachita Senior Center. Applications are initially screened by program staff, followed by review by an Application Review Committee composed of city officials and community members with backgrounds in housing, finance, and nonprofit service. The committee evaluates applicants using a formal rubric, ensuring fair and consistent determinations aligned with federal guidelines. Once awarded, recipients have 90 days to close on their purchase and must execute a formal commitment agreement. The closing process is carefully regulated, with document review and inspections ensuring that funds are used solely for down payment assistance on homes that meet HUD’s minimum property standards. Acceptable loan types include FHA, USDA-RD, VA, and conventional conforming loans (Fannie Mae or Freddie Mac); higher-risk products such as interest-only or balloon loans are prohibited. The maximum allowable purchase price aligns with FHA 203(b) limits, which is currently $541,287. The program is not recurring or rolling and has no indication of future rounds after the 2026 cycle. Therefore, applications must be submitted within the stated window. For more information, applicants may contact the program by phone at 318-396-2600 or via email at [email protected]. Program materials, policies, and downloadable forms are available on the city’s official website.

Submit a complete application with all tax and income documents. Counseling certificates must be valid and HUD-certified.