Unlocking Homeownership in Tacoma: A Look at the Down Payment Assistance Program
For many aspiring homeowners, the biggest hurdle isn’t the monthly mortgage—it’s the upfront cost. In Tacoma, Washington, the city is tackling this challenge head-on with its Down Payment Assistance Program, a powerful initiative designed to make homeownership more accessible, especially for underserved communities.
What Is the Tacoma Down Payment Assistance Program?
Funded by the Washington State Department of Commerce’s Housing Trust Fund, this program offers zero-interest, deferred 30-year loans of up to $80,000 to eligible first-time homebuyers. These funds can be used for both down payments and closing costs, significantly reducing the financial barrier to purchasing a home.
Who Is Eligible?
To qualify, applicants must:
Be first-time homebuyer
Have a household income at or below 80% of the Area Median Income (AMI) for the Tacoma/Pierce County metro area (as defined by HUD)
Purchase within Tacoma city limits
Why This Program Matters
This initiative is rooted in the findings of Tacoma’s 2021 Homeownership Disparities Study, which highlighted the need to:
Build capacity among housing educators and service providers
Expand opportunities for underserved households
Reduce racial disparities in homeownership
Support generational wealth-building through homeownership
By addressing these goals, the program aims to increase homeownership rates among low- to moderate-income residents and foster long-term economic stability in Tacoma communities.
A Sustainable Model
What makes this program even more impactful is its revolving loan fund structure. When homeowners repay their loans, those funds are reinvested to help future buyers—creating a cycle of support that grows stronger over time. Read more HERE on the City of Tacoma’s website.
Written by Tucker Maxwell.
