SLDC Reopens Financial Assistance Program for First-Time Homebuyers

On Tuesday, May 26, 2026, the St. Louis Development Corporation (SLDC) reopened its financial assistance program for first-time homebuyers.

The program, HomeSTL, launched in 2024. The program is resuming with $1 million in American Rescue Plan Act (ARPA) funding in the program.

The program awards up to $50,000 per homebuyer in the form of a no-interest, forgivable loan for the purchase of a home in the City of St. Louis. Successful applicants can have up to 10 years of no monthly payments with 0% interest.

The program was paused in 2024 after overwhelming interest resulted in the full allocation of funds. At this time, SLDC is making the remaining funds available to be used by other qualified applicants.

Individuals impacted by the tornado are encouraged to apply.

Applicants need to meet the following to qualify:

• Buyer must live in the single-family home that is purchased.

• Buyer must not have owned or co-owned a home in the last three years.

• Buyer must meet credit and income requirements.

• Household income cannot exceed 80% of the area median income.

• Buyer must complete an approved homebuyer education course.

• Buyer obtains loan through SLDC-approved mortgage lender.

• Buyer must purchase within the City of St. Louis to receive $40,000 with certain areas of the City qualifying for up to $50,000. Speak to a lender for more details.