The City of Long Beach is expanding its First-Time Homebuyer Assistance Program by allowing eligible residents citywide to apply and increasing the grant amount.
In the first iteration of the program, applicants had to live in certain census tracts within the city, and could only receive $20,000. Now eligible applicants from across the city can receive $25,000.
Additionally, the income eligibility limit for applicants has been raised from 150% to 200% of the median income in the local area.
The First-Time Homebuyer Assistance Program operates as a grant rather than a loan or mortgage service, providing down payment and closing cost assistance. The program aims to help low and moderate-income families buy their first home and build generational wealth.
“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,” said Mayor Rex Richardson in a public statement. “This important program offers an incredible opportunity, empowering first-time homebuyers to invest in their future and plant roots in our great city.”
The expansion of the program, created to support first-time, first-generation homebuyers, aims to enable more Long Beach residents to qualify for assistance in purchasing their first home.
Funded by the Long Beach Recovery Act, the program is part of an initiative to support economic and public health initiatives for Long Beach residents, workers, and businesses impacted by the COVID-19 pandemic.