Downpayment Plus is a matching program that provides down payment and closing cost assistance for income-eligible homebuyers. The assistance is provided in the form of a forgivable grant paid on behalf of the borrower at the time the borrower closes on mortgage financing with a participating financial institution, such as State Street Bank. Grants are not restricted to first time home buyers and can be used for down payment, closing costs or rehab costs. Grants are forgiven on a monthly basis over a five-year retention period. The amount of the grant changes yearly and new requirements are announced each year in March. Funds for this program are limited and are awarded on a first-come, first-served basis until the funds are depleted. For 2021, the maximum grant amount is the lesser of $6,000 or three times the homebuyer’s net contribution. Info copied from State Street Bank.