The City ofLong Beach has boosted its First-Time Homebuyer Assistance Program, allowing more locals to get a slice of the American Dream, with grants now hitting up to $25,000. Long Beach Mayor Rex Richardson heralded the expansion as a cornerstone for achieving the quintessential milestone of homeownership, according to a recent city press release.
Previously, the program’s reach was limited to applicants residing in specific census tracts, but it's now branched out citywide. Moreover, the potential grant has seen a hike from the initial $20,000 cap. "This important Program offers an incredible opportunity, empowering first-time homebuyers to invest in their future and plant roots in our great city," Mayor Rex Richardson stated in the aforementioned announcement.
The updated initiative is tailored for first-time, first-generation purchasers, nudging the income eligibility from 150 percent to a cushy 200 percent of the area's median income. This move is poised to broaden the scope for qualified aspirants setting sights on their maiden property within the city limits.
Those interested can know more at the Community Development Department's digital portal. Grants are dished out to chip away at down payments and closing costs, bolstering a demographic that's often sidelined on the real estate playground. The program's backbone is the Long Beach Recovery Act, which funnels funds to dig the city out of the economic ditches cast by the pandemic, and its details can be scooped up from the official website.
Contact with the City's program partner, FORWARD, can be made for anyone needing guidance or more information. Interested parties should dial 855-582-3973 or email [email protected].
