Roanoke, VA- There's good news for those interested in owning a home in the City of Roanoke. In the midst of a troubled housing market, help is available to purchase a residence in the city's conservation or rehabilitation districts through a program called the Market Rate Mortgage Assistance Program (MAP).

Supervised through the city's Department of Planning, Building and Development, this program offers the opportunity to receive financial assistance of up to 50 percent of the required down payment for a home. This assistance is in the form of a 10-year, forgivable, no-interest loan of up to $8,000 from the city, which can be used for a down payment and closing costs for a mortgage through a participating local lender. Qualification for assistance is based on the location of the house, family size, and income of the applicant.

The Market Rate MAP is only for homes that will be the property owner's primary residence. There are no maximum sales prices for homes using the Market Rate MAP loan, and the applicant does not have to be a first-time homebuyer. However, buyers must contribute at least $1,000 toward the purchase.

For information regarding program eligibility, contact Angie Williamson, Housing Development Specialist, at 540-853-5647. You may also use the city's GIS (gis.roanokeva.gov) to see if the house you want to purchase is in a conservation or rehabilitation district.

For more information, contact Ms. Williamson at the telephone number listed above.