| • |
AHP First-Time Homebuyer
Funds |
|
ELACC has an AHP award
for up to $10,000 per homebuyer for up to 11 of
ELACC’s single-family units. The AHP is through
Citibank and the Federal Home Loan Bank of San
Francisco. Participants must earn less than 65% of
Area Median Income (AMI) and be first-time
homebuyers to qualify.
|
| • |
The Individual
Development Account (IDA) Program |
|
The IDA program offers a
vehicle for rapid savings for home purchase.
The IDA program works by providing matching funds
for qualified first-time homebuyers to use for
their down payment and closing costs. The
program establishes a savings plan where the
participant saves $100 per month for 18
months. United Way of Greater Los Angeles
(UWGLA) matches $2 for every $1 saved upon
successful completion of the program. The
long-term savings plan is illustrated
below:
| $100 X 18 months = |
$1,800 |
Your Savings |
| $1,800 X 2 = |
$3,600 |
United Way |
| You + United Way = |
$5,400 |
Total |
|
|
The Homeownership Department
also conducts IDA meetings to provide peer support
and financial fitness classes to program
participants.
|
| • |
HOME Funds |
|
This program provides up
to $90,000 in federal HOME funds per homebuyer
through the Los Angeles Housing Department.
LAHD has set aside soft second funds for up to 11
homebuyers.
These funds are given in the form of
a 0% interest loan that must be repaid upon sale
or refinance of the home. Homebuyers must earn
less than 80% of the AMI, be first time homebuyers
and attend 8-12 hours of Homebuyer Education, and
one-on-one counseling.
|
| • |
Housing Subsidy Program
Referrals |
|
The Homebuyer Education
Department is very knowledgeable in regard to the
existing regional loan financing and subsidy
programs offered to qualifying first-time
buyers. It works directly with clients to
identify and access these
resources. |
