Low-Income Families Offered Home Loans
Low-income families who want to buy a home will get a helping hand from the city after the City Council on Tuesday adopted the First Time Homebuyer Downpayment Assistance Program.
The program will provide up to $20,000 in no-interest loans to families earning 80% or below the median income of Orange County. For instance, a family of three can earn no more than $37,450 a year to qualify for the program.
Applicants must be able to provide a 3% down payment on the purchase price of the new home, which cannot exceed $130,000. They also cannot have owned a home in the last three years. About $300,000 is available for the initial phase of the program, which will provide loans for about 15 families.
The move was applauded by Pauline Leonard of the nonprofit Mary Erickson Foundation, which has lobbied for years to provide housing for low-income families in South County cities.
“It is a sign to us that the home program is moving ahead,” Leonard said. Information: (714) 493-1171.
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