Long Beach Unveils Generous $25K Grants for First-Time Homebuyers
Long Beach, Florida is taking significant steps to enhance its first-time homebuyer assistance program, making homeownership more accessible to its residents. The program, previously limited to certain low and moderate-income areas, has now been expanded to include all areas of the city, opening up opportunities for a broader range of residents.
One of the most significant changes in this expansion is the increase in the grant amount from $20,000 to $25,000, providing aspiring homeowners with even more financial support to kickstart their homeownership journey. Additionally, the income threshold has been raised, allowing a household of four to earn up to $196,400 and still be eligible for the program. This adjustment, which raises the income limit from 150% to 200% of the area’s median income, reflects the city’s commitment to helping residents achieve their dream of homeownership.
Mayor Rex Richardson emphasized the significance of homeownership as a milestone and dream for many individuals and families. He stated that the city is dedicated to assisting them in realizing this dream and described the program as an incredible opportunity for first-time homebuyers to invest in their future and establish roots in Long Beach.
To qualify for the program, applicants must be current residents of Long Beach and first-time homebuyers, defined as individuals who have not owned a principal residence in the past three years. They should also be first-generation homebuyers, meaning that their parents or guardians have never owned a home during the applicant’s lifetime or lost a home to foreclosure and currently do not own a home.
The program estimates that approximately 100 households could receive the maximum grant amount with the funds allocated for the program. These grants do not need to be repaid and can be used for various purposes, including a down payment, closing costs, and escrow fees. Additionally, applicants can explore options to reduce their mortgage interest rates by buying down loan points.
The funding for this program comes from federal and state COVID-19 relief funds, demonstrating the city’s commitment to supporting its residents during challenging times. Long Beach has implemented various programs, including the recently expanded basic income pilot program and the first-time homebuyer program, to provide financial assistance and support to its community.
For a comprehensive list of requirements, income limits, and instructions on how to apply for the program, interested individuals can refer to the program’s official website. This expansion marks a significant step forward in making homeownership a reality for more Long Beach residents, ensuring that the dream of owning a home is within reach for a wider range of individuals and families in the city.