IRVINE : 20 Families Staked to Affordable Homes

Twenty low-income families have begun the year house hunting, thanks to a $1-million first-time home buyers program administered by Jamboree Housing Corp.

Each family will receive a loan of up to $50,000 to be used as a down payment for a house or condominium in Irvine.

Without the money, most of them simply couldn’t afford a home, said Lila Lieberthal, executive director of the nonprofit affordable housing group.

The 20 families were among 125 to participate in a lottery last year to determine who would receive the loans.

To qualify for the program, families must consist of three people or more and include at least one child younger than 18. The combined income must be less than 72% of Orange County’s median income, which means a family of four must earn less than $39,700 a year to qualify.

Lieberthal said such families don’t earn enough money to qualify for conventional home loans.

Under program rules, applicants don’t have to repay the loan until they sell or refinance their homes.

The money is then used to help another family buy a home.

“It gives them a sense of community to own a home,” Lieberthal said. “And once they sell it, they give the money back and someone else gets to use it.”

Four families already have homes in escrow and Jamboree expects all 20 applicants to have homes by July.

The $1 million came from the state Department of Housing.

The city of Irvine recently contributed $30,000 to help Jamboree administrate the program and search for additional money for down payments.