Riverside, California – The Riverside County Board of Supervisors recently decided to use $1 million in tax funds, sourced from American taxpayers under the American Rescue Plan Act, to support individuals struggling to save for a home down payment.
This tax money will be directed towards a down payment assistance program specifically for low-income individuals aiming to buy their first home within the 5th Supervisorial District. This area includes the cities of Banning, Beaumont, Calimesa, Hemet, San Jacinto, and Moreno Valley.
Read also: Riverside has one of the highest inflation rates in the country, report finds
The County of Riverside’s Department of Housing and Workforce Solutions will manage the program. It provides eligible first-time homebuyers with up to 20% of the home’s purchase price in assistance, with a cap of $100,000. This help comes in the form of a silent second loan, meaning recipients don’t need to pay it back as long as they meet all program conditions. After 15 years, if all requirements are met, the loan is completely forgiven.
Those interested in this program must apply through one of the approved lenders listed on the county’s website at rivcohws.org/5th-district-home-ownership-program. Applicants are also required to complete an 8-hour homebuyer education course provided by a HUD-approved educator. A list of these providers can also be found on the website.
Read also: Relief for Riverside drivers, gas prices continue declining trend
Prospective homeowners should also consider working with a real estate agent to find a suitable property in the 5th District. For more details or to get help, the Housing and Workforce Solutions team can be contacted at 951-955-0784 or by email at [email protected].
