First-Time Homebuyers in California Get a Leg Up with Expanded Grant Funds from REALTORS®.
LOS ANGELES, October 10, 2023 – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) makes waves in the battle against California’s housing hurdles and the stark racial homeownership gap. They’ve pumped an extra $500,000 into the Housing Affordability Fund (HAF) for closing costs for eligible rookie homebuyers from underserved communities.
This boost ups the ante to a whopping $2 million in the Pathway to Homeownership grant program. Since its 2022 kick-off, it’s already awarded a hefty $1.5 million, lighting up the homeowning dreams for 156 families across California. Eager to step on this path? Hop over to the HAF website.
Here’s the lowdown on this fabulous program: First-time homebuyers from underserved communities can snag up to $10,000 for those daunting closing costs. And the cherry on top? These grants majorly target low-to-moderate earners, as long as they’re teaming up with a Cali REALTOR®.
The reputable nonprofit, Neighborhood Partnership Housing Services (NPHS), alongside seasoned housing counselors from the U.S. Dept. of Housing and Urban Development (HUD), are joining forces with C.A.R.’s HAF. Their mission? To roll out these grants across all Californian counties.
“Cementing homeownership is the ticket to lasting wealth for families,” notes C.A.R. head honcho, Jennifer Branchini. “We’re thrilled to fling open the homeownership doors even wider. It’s time more Californians taste the sweet perks of owning their own roof.”
A recent C.A.R. expose highlighted the uphill homeownership battle for Blacks and Hispanics/Latinos, among others. Let’s be real, the gap is startling. The latest stats? A 66% national homeownership rate, but with stark disparities across racial lines.
Clemente Mojica, the main man at NPHS, emphasizes, “Owning a cozy nook is slipping through fingers for many. We’re here to tip those scales! With the Closing Cost Assistance Grant, we’re rallying around historically overlooked families, ensuring their housing dreams don’t burst. We’re all ears for social impact investors ready to champion this noble cause.” Got investment queries? Shoot an email to [email protected].
Dive into the Program Details:
- First-Time Homebuyer? That means no property ownership in the past three years.
- From an Underserved Community? This covers people of color, folks with disabilities, and the LGBTQ+ community.
- Buying a Property? It should be a single-family spot in one of California’s 58 counties.
- Financial Caps: Don’t earn above 120% of the Area Median Income and ensure savings after purchase won’t exceed $20K.
- Realtor Connection: Team up with a C.A.R. member.
- Move-in & Stay: Settle into your new place within 60 days and stick around for at least three years.
- Financial Wisdom: Avoid dodgy loans and stay within the guidelines set by the National Association of REALTORS®.
Founded in 2002, C.A.R.’s Housing Affordability Fund has been a beacon for those navigating California’s tricky housing landscape.
