A down payment assistance program is helping Sacramento residents become homeowners in a new initiative for the state’s capital. 

According to an ABC10 report, the Chenoa Fund program will offer interested buyers a second mortgage to cover their down payment. However, many homeowners will have the down payment forgiven after living on the property for longer than three years.

The Mill at Broadway in Downtown Sacramento is just one of the housing communities working with a lender that offers the Chenoa Fund program. 

To qualify for the program, residents must make 115 percent or below the county’s average median income level. According to the United States Department of Housing and Urban Development, the median income in Sacramento County is $75,200, which means that interested buyers are eligible if they make less than $86,480.

The program is already gaining steam among millennials and those looking to downsize. However, those who have the money for the down payment are advised to pay it, as they would be optimizing their monthly mortgage payments from the get-go.