Eligible low- to moderate-income households living in Montecito Zip Code 93108 in 2017 may qualify for up to $350,000 in homebuyer assistance through the ReCoverCA Homebuyer Assistance (HBA) program, administered by the Golden State Finance Authority (GSFA).

The 2017 Fire Recovery funding helps qualifying individuals and families purchase homes in areas with lower wildfire risk by providing down payment and closing cost assistance, up to $350,000 per household.

For many families this assistance may bridge the affordability gap between what a household can afford and the total cost of homeownership.

The assistance is offered as a deferred-payment loan that accrues no interest, has no monthly payments, and is forgiven after five years of continued ownership and occupancy, according to GSFA.

To be eligible, applicants must have been residing in a primary residence located in a High or Very High Fire Severity Zone within a qualifying disaster area in 2017, such as Montecito Zip Code 93108, and meet income requirements of generally up to 80 percent of Area Median Income, based on household size, GSFA said.

There is no requirement to be a first-time homebuyer, and perfect credit is not necessary to qualify. Applicants are not required to show direct impact from the disaster.
2017 Local Qualifying Disaster Areas:

• Zip Code 93108 (Montecito, Santa Barbara County)

• Ventura County

“It’s crucial that we spread the word about the funding available through this program so that more families can take advantage of the opportunity to become homeowners,” says Santa Barbara County Supervisor Bob Nelson.

“Homeownership is a powerful way to build financial stability and invest in the future, and we want to ensure that everyone who qualifies has the chance to make that dream a reality,” he said.

The program is provided by the California Department of Housing and Community Development as part of California’s Disaster Recovery Action Plan and funded by a Community Development Block Grant – Disaster Recovery from the U.S. Department of Housing and Urban Development (HUD).

GSFA, a public agency with more than 33 years of experience in implementing affordable housing programs, manages and administers the program.

For more information, full program policies, eligibility, and application information, visit www.gsfahome.org/recoverca-hba.