About Office of Economic and Community Development - SCRANTON

Last-Modified: 2023-08-11 05:14:34

Various grants available to assist with housing options. The First-time Homebuyer ProgramThis program provides funds in the form of a forgivable, deferred-payment loan to income-eligible, first-time homebuyers who wish to purchase a home in Scranton. These funds assist the homebuyer with his/her down payment and closing costs. Generally, the beneficiary will not have to pay any portion of this loan back to the City if he/she maintains the home as his/her primary residencefor at least five years. The Homeowner Rehabilitation Program (Rehab)The Rehab Program, which is administered by Neighborhood Housing of Scranton, provides funds in the form of a forgivable, deferred-payment loan to income-eligible persons who own a home in the City of Scranton that is in need of rehabilitation. Generally, the beneficiary will not have to pay any portion of this loan back to the City if he/she continues to maintain the homeas his/her primary residence for at least fifteen years. Section 108 Loan ProgramThe City of Scranton can provide funds for public investment in major physical development projects and large economic revitalization activities through the Section 108 Loan Guarantee Program. Such public investment is often needed to inspire private economic activity, providing the initial resources or simply the confidence that private firms and individuals may need to invest in distressed areas.