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Housing Trust Fund to Launch $840,000 Workforce Homebuyer Down Payment Program

Working, low-income households can receive 30-year deferred loans of up to $42,000

A Workforce Homebuyer Down Payment Loan Program will be launched by the Housing Trust Fund of Santa Barbara County at a public workshop from 6 to 7:30 p.m. Wednesday, May 2 in Shepard Hall at the Santa Maria Library, 421 S. McClelland St. in Santa Maria.

The pilot program is designed to assist local working, low-income households in purchasing an entry-level home in the community by providing 30-year deferred down payment loans up to $42,000 per homebuyer.

The loans will have no current interest or principal payments and are repaid, with shared appreciation, upon sale or refinancing of the home or at the end of the loan term. The program is funded from an $840,000 grant that the HTF received from the Local Housing Trust Fund Program of the State Department of Housing and Community Development. The City of Santa Maria is a community partner and has contracted with HTF to provide closing cost grants up to $3,000 for eligible workforce borrowers who purchase homes within the city.

At the May 2 public workshop, HTF representatives will provide an overview of the Workforce Homebuyer Down Payment Loan Program and cover key topics such as: homebuyer qualifications, types of eligible homes, steps for obtaining the loan, shared equity requirements, and contacts to Community Partners who will provide homebuyer education, income certification services and pre-approval of first mortgage loans for eligible first-time, low-income homebuyers.

The program targets cities in North County, with a focus on Santa Maria. The down payment loans remove a financial barrier to the dream of homeownership by lowering home acquisition and carrying costs so that qualified working households can purchase an affordable home that strengthens the family and the neighborhood.

The Housing Trust Fund of Santa Barbara County is a private nonprofit, countywide financing agency whose mission is to raise financial resources to expand workforce and affordable housing opportunities for the residents and workers of Santa Barbara County. HTF supports affordable housing opportunities that enhance the quality of life, neighborhoods and the sense of community and that preserve the long-term affordability of the housing for future generations of workers and residents.

For more information about the Housing Trust Fund and the Workforce Homebuyer Down Payment Loan Fund, please contact President/CEO Jennifer McGovern at Housing Trust Fund of Santa Barbara County, P.O. Box 60909, Santa Barbara, CA 93160-0909; 805.685.1949; .(JavaScript must be enabled to view this email address). Click here for more information.

— Jennifer McGovern is president/CEO of the Housing Trust Fund of Santa Barbara County.

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