First-time homebuyers in Dartmouth could make their dreams of owning a home a reality through a new Homebuyer Assistance Program.

The program will offer grants to two prospective homebuyers who meet income and other eligibility requirements: one for up to $110,000 toward a two-bedroom home, and one for up to $150,000 toward a three-bedroom home.

First-time homebuyers are those who have not owned a home or interest in a home in the past three years, though there are some exceptions. A public information meeting is scheduled for February 1 at 7 p.m. in Town Hall Room 304 for anyone interested in learning about the program.

The grants are funded through the town’s Affordable Housing Trust, explained Director of Development Deborah Melino-Wender.

The goal is to bring more affordable housing to a town in need of it, Melino-Wender said. In 2012, a housing report based off of 2010 Census figures found that 30 percent of Dartmouth households spent more than 30 percent of their gross household income on housing, beyond the limit recommended by the federal Department of Housing and Urban Development. It also represented a significant increase over 2000’s numbers.

“If that money is going into housing, you’re not spending money on medical care, food, clothing,” Melino-Wender said.

A desire to preserve Dartmouth’s historically rural charm, zoning policies that emphasize large lots, and wetlands and conservation land that prohibit development all lead to higher housing prices in town, Melino-Wender said.

The program is the town’s way of tackling the problem of affordable housing proactively, as opposed to relying on developers to build more affordable housing. It is designed to bridge the gap between the affordable price and the selling price of homes in Dartmouth.

“Home ownership is a good thing. It keeps communities stable and gives owners investments, both personally and in the community,” Melino-Wender said. “Some rental situations can be unstable, so it gives them more certainty.”

Grant applications, which can be obtained from the town website, are due on March 7. The town will conduct a lottery for the two available grants at the end of March.

Melino-Wender estimates that the first two grant recipients should close on their homes by the fall. That will begin a review process to see how popular the program is, and if it should be expanded and offer more grants next year.

For more information about this program, contact the Office of Community Development at (508) 910-1883.