North County Workforce Homebuyer Program A Success In 2014
In FY13-14 HTF funded another 18 down payment loans for low-income homebuyers in the North County communities of Santa Maria, Lompoc and Guadalupe. We have now fully deployed $846,674 in State Local Housing Trust Fund grant monies to fund a total of 28 loans to first-time homebuyers.
Our North County program offered 30-year deferred payment loans to assist low-income families in purchasing an entry-level home. 75% of the loans were made to homebuyers that purchased homes within the City of Santa Maria, while 14% of loans were made within the City of Lompoc and 11% in Guadalupe. We served a total of 82 unduplicated persons and diverse households, including families, single-parent households, couples and individuals. The average loan amount was $30,000 and the average income of the households we funded was 66% of Area Median Income. 86% of the homebuyers were of Hispanic origin. We created effective community partnerships to help implement the program. The City of Santa Maria provided closing cost grants up to $3,000 for the families who purchased homes within the city limits. Peoples’ Self-Help Housing provided homebuyer education and income certification for the homebuyers, and Wells Fargo Home Mortgage and Guild Mortgage provided first mortgage financing for the homebuyers.