The City of Carpinteria, in collaboration with the Housing Trust Fund of Santa Barbara County, is offering 30-year deferred payment loans up to $75,000 to assist qualified first-time homebuyers in purchasing an entry-level home in Carpinteria.
The Workforce Homebuyer Down Payment Loan Program is designed to help bridge the homeownership affordability gap and expand homeownership opportunities for low to upper moderate-income households who purchase homes in Carpinteria.
The pilot program provides loans to eligible workforce borrowers up to 16.5 percent of the home acquisition price or a maximum loan of $75,000. Loan funds can be used for down payment and closing costs. The loans have no current interest or principal payments and are repaid, with shared appreciation, upon the sale or refinancing of the home, or at the end of the 30-year loan term.
Borrowers must not have owned a residence in the past three years, must be U.S. citizens or permanent resident aliens, live or work within Santa Barbara County and have a combined household income that does not exceed 200 percent of Area Median Income, adjusted for household size.
Funding for the program has been provided by the City of Carpinteria. The Housing Trust Fund, which operates successful homebuyer assistance programs in North County, is managing the program for the City of Carpinteria.
The program removes financial barriers to the dream of homeownership by lowering home acquisition and carrying costs so that qualified working households can purchase a home that strengthens the family, the neighborhood and community.
For more information about the City of Carpinteria Workforce Homebuyer Down Payment Loan Program please contact Jennifer McGovern, president/CEO of the Housing Trust Fund of Santa Barbara County, at 805.685.1949 or [email protected]. You may also contact the City of Carpinteria Community Development Department at 805.684.5405 x405 or x410.