Printer FriendlyIf you are considering buying a home in Lowell, you might be eligible to participate in the Homebuyer Incentive Program (HIP). Designed to increase home ownership, encourage home rehabilitation and improve neighborhood conditions, the HIP provides a variety of inducements for UMass Lowell employees to purchase and improve homes in any of five designated neighborhood districts, including areas surrounding UMass Lowell North and South, as well as other parts of the city.
To be eligible you must be a first-time Lowell homebuyer (currently renting in Lowell or owning a home outside of the city) with a household income not exceeding $125,000.
Incentives include a no-interest, deferred down payment loan for up to 2.5% of the purchase price or one-half of the required down payment, whichever is less, with a maximum of $5,000; a closing cost grant of $500; and a matching grant for approved exterior home improvements (up to 50% with a $2,000 maximum).
The program is administered by the Lowell Development and Financial Corporation (LDFC).
For complete program criteria and details click on the link above or call Germaine Vigeant-Trudel, assistant director of the LDFC at (978) 459-9899.