Sacramento’s Homebuyer Assistance Program Targets Lower-Income Residents
Amid the backdrop of persistently high mortgage rates, the city of Sacramento, California, is rolling out a promising initiative known as the CLTRE Keeper First-Time Home Buyer Program. This program is designed to offer much-needed support to individuals aspiring to become first-time homeowners, particularly those residing in underserved communities.
The cornerstone of this program is the provision of financial assistance to 25 eligible applicants, granting them a substantial $15,000 home loan. This financial aid is earmarked to serve as a down payment, a crucial step toward realizing their dream of homeownership. The unique feature of this program is its potential for complete loan forgiveness, easing the financial burden for recipients even further.
However, the program’s generosity doesn’t stop there. In addition to the down payment assistance, participants will receive an additional $1,500. This supplementary funding can be employed in various ways, such as addressing outstanding credit debt or contributing toward the often substantial closing costs associated with purchasing a home.
Amy Williamson, the Financial Empowerment Manager at the city of Sacramento, underscores the program’s overarching goal: to focus on households with lower incomes in the Sacramento area. By doing so, the program aims to bridge the gap and provide a viable pathway to homeownership for those who might otherwise struggle to navigate the challenging terrain of the real estate market, especially amidst the current backdrop of elevated mortgage rates.
The CLTRE Keeper First-Time Home Buyer Program stands as a beacon of hope for those looking to make their first foray into homeownership, offering tangible financial support and a brighter future for families in underserved communities within the Sacramento region. Through this program, the city is taking proactive steps to address the unique challenges faced by lower-income households and make the dream of owning a home more accessible than ever before.