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Earlier today we announced the launch of our First-Time Homebuyer Assistance Program which will provide 100 eligible families with up to $20,000 to help buy a home here in Long Beach. This is an amazing opportunity for first-time homebuyers to invest in their future, build wealth and plant roots in our city.
I want to thank Vice-Mayor Rex Richardson for proposing this initiative and leading this effort to help address a severe area of inequity in our city. Here's what he had to say:
"Long Beach is proud to help support pathways to homeownership for local families. By investing in down payment assistance, we are ensuring that our housing programs meet the needs of our diverse community, making sure residents can achieve the dream of homeownership."
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I also want to thank the Long Beach City Council for supporting these goals. More information is available on our website: here.
This program is designed to assist low and moderate-income families traditionally underrepresented in homeownership by providing grant funding for down payment and closing cost assistance. Applicants must be first-time homebuyers who live in a federal Community Development Block Grant designated census tract in Long Beach, among other requirements. Program applications will open early next year, and you can sign up to receive email updates: here.
This initiative has also been made possible by the Long Beach Recovery Act and represents a huge investment in the future of our city and our residents.
Thank you and Go Long Beach,
Mayor Robert Garcia
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