New Program Could Spur Home Sales In Lansing - WLNS TV 6 Lansing - Jackson | Your Local News Leader

New Program Could Spur Home Sales In Lansing

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(WLNS) - Lansing mayor Virg Bernero is set to announce a new program that will help repeat home buyers save money when they move.

It's a brand new program that borrows ideas from another state-run assistance fund called "My First Home".

Trends show more people are looking to buy a new home even after they've already purchased one in the past.

That's where this program comes into play.

It's called "MI Next Home" and when homeowners buy a new home they can get up to 75 hundred dollars or 4 percent of the purchase price in the form of down payment assistance.

The money is given out based on income and where you live.

For the Lansing area the money is available for one and two person households with a yearly income of less than just over 60 thousand dollars.

For three person households that limit jumps to just under 90 thousand dollars.

The Michigan State Housing and Development Authority says around 1 million people could qualify for the program.

They also say the assistance can certainly help here in Lansing where home prices have jumped 12 point 8 percent in the last year.

 That's the fifth highest increase in the country.

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