Wednesday, November 14 , 2018, 7:15 pm | Fair 62º


Andy Alexander: Program Helps Workers Buy Entry-Level Homes

The Santa Barbara Association of Realtors hosts a breakfast every second Thursday of the month. Each breakfast has a different speaker from their respective fields educate the membership on different topics.

The most recent breakfast highlighted the South Coast Workforce Homebuyer Program. Speaker Jennifer McGovern, president/CEO of the nonprofit Housing Trust Fund of Santa Barbara County, presented on the new $3.5 million program.

The innovative program provides a low-cost, fixed rate down payment loan up to $100,000 to help local employees purchase an entry-level home in the community where they are employed.

The South Coast Workforce Homebuyer Program is being introduced at a crucial time since housing prices are at record highs. South Coast companies are finding it increasingly difficult to keep long-time employees due to the high cost of housing.

The high cost induces strain on the employees to either commute or move to a more affordable location.

To qualify for the program you need to be a first-time homebuyer, combined household income cannot exceed 210 percent of area median income and work in Santa Barbara County.

If you qualify for the program, your options for buying a home include the area from Gaviota Coast to Carpinteria as well as the communities of Buellton, Solvang and Santa Ynez.

For more information visit the Housing Trust Fund of Santa Barbara Counties website

— Andy Alexander is a licensed real estate broker with Santa Barbara Brokers and the 2018 president of the Santa Barbara Association of Realtors. The opinions expressed are his own.

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