April 26 pre-application deadline for 1st round of County down-payment assistance lending
First-time homebuyers must complete a pre-application by April 26 as the first step in an application process to receive down-payment assistance during the first round of lending made possible by Alameda County affordable housing bond Measure A1.
The program, called AC Boost, will provide down-payment assistance in the form of shared-appreciation loans to borrowers with total incomes at or below 120 percent of area median based on household size. Loans of up to $150,000 are available depending on buyer income and need.
AC Boost down-payment assistance loans are interest free and have no monthly payment during the time the borrower owns the home. Instead, they are repaid when the home is sold, the owner wants to take cash out through mortgage refinancing or no longer wishes to occupy the home, or the 30-year term of the original purchase mortgage loan comes to an end.
At the time of payoff of the AC Boost down-payment loan, the homeowner repays the amount borrowed plus a proportional share of any increase in the home’s overall value. For example, if the down-payment assistance loan was for 15 percent of the original purchase price, the homeowner would repay the amount borrowed plus 15 percent of any increase in the home’s value.
A lottery drawing will establish a random ranking order of pre-applications among qualified applicants. Additional information on eligibility requirements, and on lending preferences for teachers and first-responders are available at https://www.acboost.org/. AC Boost is funded by Alameda County Measure A1 and administered by the nonprofit organization Hello Housing.