Community

New funding for first-time homebuyers

December 11, 2018

Blurry photo of a man and woman holding a set of keys. on the lower left-hand side of the photo is a blue box with white lettering reading: Good news for First-time homebuyers

The City of Hayward wants to help residents and people who work in Hayward get a jump on new funding for first-time homebuyers becoming available in Alameda County starting in early 2019.

In June 2016, Alameda County voters overwhelmingly approved the Measure A1 affordable housing bond to support homeowner and rental housing programs for lower-income households—including down-payment assistance for first-time homebuyers.

Through the $580 million Measure A1 bond, $50 million is earmarked for down-payment assistance—with the Alameda County Community Development Agency, through its program consultant, Hello Housing, poised to open a 45-day application period to identify the first 75 household recipients, potentially starting as early as Jan. 15.

To help Hayward residents and people who work in the city increase their likelihood of success, the City’s Housing Division, in conjunction with nonprofit Bay Area Affordable Homeownership Alliance, is implementing a comprehensive outreach, education, and counseling campaign to help prepare the City’s renters and workforce to participate.

The first 75 awards down-payment assistance awards through the program—called Alameda County Boost, or AC Boost—will be made by lottery among qualified, program-approved applicants.  Up to $150,000 is available per household depending on income level.  To learn more, contact Bay Area Affordable Homeownership Alliance by email at acbh@myhomegateway.com and telephone at (800) 480-9020, ext. 224.  To learn more online, go to www.myhomegateway.org/acboost.