Housing Grant to Aid Low-Income Families
The Federal Home Loan Bank of San Francisco recently awarded Bank of America and the Housing Authority of the city of Los Angeles a $500,000 grant to assist 50 low-income families with down payments and closing costs on their first homes.
The grant is funded by the federal bank’s Individual Development and Empowerment Account, or IDEA, program.
The IDEA award triples the amount in the escrow savings accounts for participants of the Section 8 Family Self-Sufficiency program.
Those participants maintain an escrow account for at least 10 months while they complete a homeownership training program and qualify for a mortgage.
At the end of the training, they can apply for loans at reduced interest rates and a low down payment.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
