With applications for Long Beach’s first-time homebuyer assistance program set to open next month, the city will host a serious of orientation workshops throughout February — to help residents verify whether they’re eligible for the $20,000 in down payment and closing cost help.
The program is designed to help low- and moderate-income families who have been traditionally locked out of the home ownership market purchase their first home and embark on the process of establishing generational wealth, the city said when it launched the assistance fund in late October.
Long Beach allocated $3 million of Long Beach Recovery Act funding to support the down payment program. The city will administer the down payment assistance through the Development Services Department and the nonprofit HPP CARES.
About 100 qualified households will receive up to $20,000 toward a down payment, non-recurring closing costs — such as loan, title and escrow fees — or loan points or fees to help reduce mortgage interest rates.
To qualify, residents must have U.S. citizenship or be a legal permanent resident, have a household income lower than 150% of the Los Angeles County Area median, be a first-time homebuyer or a first-generation homebuyer, currently live in a Community Development Block Grant-qualified area in Long Beach, and be pre-approved for a 30-year fixed mortgage loan.
“Down payment assistance helped me to become a first-time homebuyer in Long Beach more than a decade ago,” Mayor Rex Richardson said in the city’s Wednesday, Feb. 1, announcement. “It provided me the economic and housing stability to put down roots and raise a family.
“However, families today are facing more barriers than ever in achieving the dream of homeownership,” he added. “Now is the time to restore this important program and give Long Beach families an opportunity to buy their first home in our great city.”
The orientation sessions, which are meant to help interested applicants confirm their eligibility for the program, will take place both virtually and in person on the following dates:
- 5:30 to 6:30 p.m. Tuesday, Feb. 7, at the Billie Jean King Main Library, 200 W. Broadway.
- 6:30 to 7:30 p.m. Wednesday, Feb. 15, via Zoom.
- 5:30 to 6:30 p.m. Thursday, Feb. 16, at the Bret Harte Neighborhood Library, 1595 W. Willow St.
- 5 to 6 p.m. Tuesday, Feb. 21, at the Michelle Obama Neighborhood Library, 5870 Atlantic Ave.
- 10:30 to 11:30 a.m. Saturday, Feb. 25, at the Mark Twain Neighborhood Library, 1401 E. Anaheim St.
Each session will consist of the same information, the city said. Online RSVPs are required for attendance, and the virtual session will be recorded and posted on the city’s website for those who are unable to attend.
Applications open on March 15 and will be provided in English, Spanish, Khmer, and other languages by request. The applications will be considered in the order they’re received and will remain open until the program funding has been committed, the city said — and because of the high level of interest, residents are encouraged to submit as soon as possible.
More information about the program is available on the Development Services Department’s website.
