Grant Funds Available towards Home Ownership

This program provides eligible applicants with up to a $5,000 grant to apply towards the down payment, closing costs, or other expenses in connection with the purchase of an owner-occupied home.  One does not have to finance the home with Peoples Savings Bank.  Peoples Savings Bank was awarded funds for this program from the Federal Home Loan Bank of Des Moines Strong Communities Fund.

General guidelines for the program are as follows:

  • Grant funds are available to purchasers of properties within Elma’s city limits.  A total of $15,000 is available, and the program will end when the funds are obligated. 
  • Applicant may not own, or be an investor in, another residence even if that residence is currently rented.
  • All eligible households that are First-Time Homebuyers (as defined by FHLB) must complete a Financial Literacy Program prior to closing. 
  • Income limitations apply. 

Other requirements apply, so please contact us for details.