Shelby County launched its first down payment assistance program, to boost low- and moderate-income home buyers into the marketplace with loans up to $3,500. The program will supplement what the City of Memphis has offered for more than 20 years and will provide $1 million in its first year for down payment and closing costs. Household income for eligible home buyers must be between 65 and 80 percent of current federal income guidelines. That means a family of four would be required to have income of not less than $36,600 and not more than $45,050. Home prices are limited to no more than $150,000 for a newly built home and no more than $113,000 for an existing home. Down payment loans will be fully amortized for no more than 10 years and at a 5% fixed rate of interest. Contact the Shelby County Housing Department (http://www.co.shelby.tn.us/county_gov/divisions/plann_dev/aboutus/index.htm) for more information.