Grants available at $25,000
A city program to assist first-time, first-generation homebuyers in Long Beach will now enable income-eligible residents citywide to apply, as well as increase the grant amount from $20,000 to $25,000.
Previously, grants applicants for the First-Time Homebuyer Assistance Program had to reside in certain federally designated census tracts. But now, applicants can reside in any part of the city.
And, in addition to raising the grant amount, the current income eligibility limit for applicants has been increased from 150 percent to 200 percent of the area median income, the city announced.
“Homeownership is a significant milestone and lifelong dream for many individuals and families and Long Beach is committed to making this more attainable for as many people as possible,” Mayor Rex Richardson said in a statement.
“This important program offers an incredible opportunity, empowering first-time homebuyers to invest in their future and plant roots in our great city.”
More details about the expansion, along with updates regarding the application and grant award process, are available on the Community Development Department’s website at longbeach.gov/lbhomegrant.
The city’s program partner, FORWARD, can be reached at (855) 582-3973 or FirstTimeHomebuyerfirstname.lastname@example.org for more information.
City officials emphasized that awardees receive a grant from the program, and not a loan or mortgage service. The grant can be used toward a down payment or closing-cost assistance.
The program is designed to help low- and moderate-income families traditionally underrepresented in homeownership with purchasing their first home and building multi-generational wealth.
About 100 households are expected to receive help through the program, the city said.
The program is made possible by the Long Beach Recovery Act, a plan to fund economic and public health initiatives for Long Beach residents, workers and businesses critically impacted by the COVID-19 pandemic.