Grants Offered to 1st-Time Home Buyers

The nonprofit Affordable Housing USA has approved an additional $200,000 for its “California Dream” program, which helps first-time homeowners with down-payment assistance.

The program provides grants between $1,000 and $4,000--depending on credit history and income level--to people with the resources to make mortgage payments, but lacking the money for a down payment.

The additional money more than doubles the original $150,000 earmarked for the program, said Steve Carrigan, an Affordable Housing USA board member.

The initial allotment went to 32 families, some of whom will be moving into their first home within the month, he said.

“We really were caught off guard by the caliber of applicants,” he said.

The target is to assist a total of 100 Southland families this year. The program is administered locally through the Woodland Hills-based National Real Estate Council.

Funding, largely from federal Housing and Urban Development grants to Affordable Housing USA, is now available.

Applicants must be first-time homeowners with the ability to make mortgage payments who are buying a house for a residence--not for an investment. They must attend a six-hour first-time home buyer workshop given by the NREC, and they must use the grant within six months of the grant date.

The maximum purchase price for which grants will be given is currently $250,000. Applicants seeking to purchase a home that costs more than $160,000 may be given either a grant or a loan for the down payment.

Approved lenders in the Valley include Granada Hills’ First Prestige Mortgage Corp., Mark 1 Mortgage of Glendale and Burbank’s Pacific West Bancorp.

For information, call the NREC at (818) 888-0101 or request an application by mail: National Real Estate Council, 5850 Canoga Ave., Suite 400, Woodland Hills, CA 91367.