Long Beach to launch first homebuyer assistance program in early 2023 – Press Telegram
Some Long Beach residents looking to buy their first home may qualify for financial aid through the city’s new Homebuyer Assistance Program, which will launch early next year, officials announced Monday, October 31. Of.
“This is an amazing opportunity for first-time home buyers to invest in their future and establish roots in Long Beach,” Mayor Robert Garcia said in a news release Monday. “We are excited to provide support to help these families make their dream of homeownership a reality.”
The program had been in operation since March 2021, when the city council directed employees to create and fund a down payment assistance program as part of the city’s Everyone in Economic Inclusion initiative, which was originally introduced in 2019 by Vice Mayor. Proposed by Rex Richardson.
According to the news release, Long Beach allocated $3 million of Recovery Act funding to support the down payment program, and will manage the down payment assistance through the Department of Development Services and the non-profit organization. hpp cares,
According to the Down Payment Assistance Program, “The program is designed to assist low- and middle-income families who are traditionally underrepresented in homeownership with the purchase of their first home and the creation of multi-generational wealth. ” WebsiteLaunched on Monday.
About 100 eligible households will receive up to $20,000 toward a down payment, non-recurring closing costs — such as loan, title and escrow fees — or loan points or fees to help reduce mortgage interest rates.
To qualify, residents must have U.S. citizenship or legal permanent residency, household income less than 150% of the Los Angeles County area average, be a first-time home buyer or first-generation homebuyer, currently in community development Live in a block grant-qualified area in Long Beach, and must be pre-approved for a 30-year term mortgage loan.
For example, a family of four must have a household income of less than $136,650 to qualify for Long Beach’s new program, according to the website. cdbg-qualified area Parts of the city, north and west include Long Beach.
“Long Beach is proud to help in the way of homeownership support for local families,” Richardson said in the city release. “By investing in down payment assistance, we are ensuring that our housing programs meet the needs of our diverse community, ensuring residents can achieve their dream of home ownership.”
Applications for the program are due to launch in early 2023. Interested residents are encouraged to sign up for Development Services. Website For updates, more information about the program and application support.
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