New cycle of down-payment assistance to median-income first-time homebuyers coming soon
The pre-application period to qualify for a new cycle of down-payment assistance lending to first-time homebuyers through Alameda County affordable housing bond Measure A1 is tentatively expected to open as early as mid-June.
The program, called AC Boost, provides down-payment assistance in the form of shared-appreciation loans to borrowers with total incomes at or below 120 percent of area median income based on household size. Loans of up to $210,000 will be available this cycle.
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 refinancing or no longer wishes to occupy the home, or the 30-year term of the original purchase mortgage loan comes to an end.
Thus far, $9 million in direct loans have been originated to assist 75 first-time homebuyer households countywide, according to Hello Housing, the nonprofit AC Boost program administrator for Alameda County. Under Measure A1, a total of $45 million has been designated for AC Boost lending.
To be notified when the new pre-application period opens to qualify to participate in AC Boost, signup at www.hellohousing.org/stay_connected. To learn more about AC Boost, visit www.acboost.org or call (510) 500-8840