The City of Long Beach launched a new website on Monday, Oct. 31 as part of its First-Time Homebuyer Assistance Program.
The goal of the program is to provide around 100 eligible families with up to $20,000 in down payment and closing cost assistance. The application process for qualified residents is expected to open in early 2023.
“We are incredibly excited to support eligible first-time homebuyers with up to $20,000 in grant assistance,” said Housing and Neighborhood Services Bureau Manager Patrick Ure in a statement. “This program helps ensure greater equity in the city by eliminating social and economic disparities in our most impacted communities.”
The First-Time Homebuyer Assistance Program is facilitated by the Long Beach Development Services Department and will provide grants to assist low and moderate-income families traditionally underrepresented in homeownership.
The program aligns with Goal 4 of the City’s Racial and Reconciliation Initiative, which explores funding of down payment assistance programs and silent second mortgage programs while providing further opportunities to increase homeownership in the city.
Long Beach City Council directed the creation and funding of a Down Payment Assistance Program as part of the Everyone In Economic Inclusion Implementation Plan, unanimously approved by the council in June 2019.
The plan was proposed by Vice Mayor Rex Richardson and cosponsored by California State Senator Lena Gonzalez, Fifth District Councilwoman Stacy Mungo Flanigan and Seventh District Councilman Robert Uranga.
Enhanced funding for the program was included in the City’s Recovery Plan in March 2021 through a motion introduced by Richardson.
“Long Beach is proud to help support pathways to homeownership for local families,” said Richardson in a statement from the City. “By investing in down payment assistance, we are ensuring that our housing programs meet the needs of our diverse community, making sure residents can achieve the dream of homeownership.”
Following the extensive selection process to determine a vendor to administer and implement the program, the City selected the California-based program HPP CARES CDE to facilitate the program, including conducting applicant outreach and screening.
The program has received $5 million in funding from the Long Beach Recovery Act, which helps to fund economic and health initiatives for Long Beach residents and businesses affected by the COVID-19 pandemic. The $5 million in funding has been allocated to support housing assistance, including $3 million for funding and administrative costs for facilitating the program and $2 million for additional housing programs.
Residents who are interested in participating in the grant program can sign-up now to receive program updates and additional details when available, including information regarding orientation sessions to assist with the application process. To learn more about the program, including eligibility information, visit longbeach.gov/lbhomegrant.
