CALIFORNIA – The California Association of Realtors (CAR) announced Monday, that they are providing an additional $500,000 for closing cost assistance to their Housing Affordability Fund (HAF).
Eligible first-time California homebuyers from an underserved community can apply for a grant up to $10,000.
CAR says the additional $500,000 brings the total to $2 million for HAF. The Neighborhood Partnership Housing Services (NPHS) is administering the grant throughout the 58 California counties.
“Countless studies have found that homeownership is critical to building generational wealth and economic security for working families,” said CAR President Jennifer Branchini.
So far, the grant program has helped 156 first-time home buyer families from an underserved community in California.
Requirements for eligibility include:
- Recipient (one individual if two or more will be purchasing together) must be a member of an underserved community.
- The property being must be a single-family residence.
- The purchased property must not have an affordable housing deed restriction that limits Recipient’s ownership rights in the property’s equity or creates shared equity homeownership that prevents the public resale of the property.
- Recipient’s income must be no more than 120% of the Area Median Income
- Recipient must be represented by a member of the California Association of REALTORS® in the transaction.
For more information about HAF and to apply visit: https://nphsinc.org/home-ownership-center/car-haf-closing-cost-assistance-program/