Fresh Homebuyer Relief Program for BIPOC Buyers Unveiled in San Diego
The San Diego Housing Commission in California has unveiled a pioneering initiative aimed at providing crucial support to first-time homebuyers belonging to the Black, Indigenous, and People of Color (BIPOC) community.
Launched this Thursday, the program aims to bridge the financial gaps that BIPOC homebuyers often face. It caters specifically to those earning between 80% and 150% of the area’s median income, which currently stands at $110,250 to $175,200 annually for a family of four.
Qualifying BIPOC buyers will be eligible for a substantial aid package, featuring $20,000 in grant money intended for closing costs. Notably, this is not a loan and therefore does not need to be repaid, significantly easing the financial burden for new homeowners.
In addition to this, the program also offers an added benefit of a $20,000 deferred down-payment loan. This unique feature allows buyers to avoid making any monthly payments on this loan for the first seven years, providing them with some breathing room to settle into their new homes and manage their finances accordingly.
There are a few key eligibility requirements to access this support. BIPOC buyers must not have owned a home within the past three years. The property they wish to purchase must be located within the City of San Diego, and it cannot have a purchase price exceeding $1,250,000. Eligible properties range from single-family detached homes to condominiums, townhomes, and manufactured homes.
Applicants will need to complete a Self-certification Race and Ethnicity Form for the program to confirm their eligibility.
The financial backing for this program is shared between the Wells Fargo Foundation Wealth Opportunities Realized Through Homeownership (WORTH) grant and a National Fair Housing Alliance grant. WORTH has a nationwide goal to create 40,000 new homeowners of color by the end of 2025, including 5,000 new homeowners of color within the San Diego region. The launch of this program marks a significant step towards achieving this ambitious goal.