City Council voted to increase the allowable assistance to $25,000 for eligible first-time homebuyers earlier this week.
Since 1997, the city has provided deferred, forgivable loans to low- and moderate-income residents — earning at or below 80% of the area median income — through the Homebuyer Assistance Program (HAP).
The loan is flexible based on the market, sales price + population. US citizens, permanent residents, and those who have not owned a home in the last three years are eligible. In 2018, the HAP loan increased from $15,000 to $20,000 + 243 people have been helped since.
Residents can use the money for down payments and closing costs for homes within the city limits priced up to $290,000 for existing houses or $305,000 for new construction.
The assistance takes the form of a zero-payment, zero-interest subordinate loan. Less than $15,000 is forgiven if the homeowner occupies the residence for five years + $20,000-$25,000 is forgiven if the homeowner occupies the residence for 10 years. If the home is sold, defaulted on, or paid off within the designated period, the homebuyer must pay back the HAP principal.
Learn more about eligibility and program requirements.
