The BWL’s Home Ownership Program for Employees (HOPE) offers forgivable loans to eligible BWL employees to purchase an owner occupied primary residence within the corporate boundaries of the City of Lansing, excluding Public Act 425 areas.
The program provides forgivable loans of up to $5,000 for up to six BWL employees each fiscal year to be used for down payment assistance, pre-paid reserves or closing costs for a home purchase. A portion of the loan will be forgiven each year the employee continues to occupy the home as their primary residence and work for the BWL. For each year that the employee continues to be in good standing and occupy the home, 20 percent of the loan will be forgiven. If the employee sells, transfers, vacates or rents the home or terminates his/her employment (except for retirement) with the BWL before the loan has been fully forgiven, the remaining principle balance of the loan will become due with interest.