First Time Homebuyer? Humboldt Got $1M to Help
Press release from Humboldt County:
Humboldt County was recently chosen as one of just six jurisdictions in California to receive funding for the First-Time Homebuyer program. Humboldt will receive roughly $1 million, which will be used to provide low-interest deferred loans to local citizens looking to purchase a home.
With this boost in funds the county will be able to provide low-interest deferred loans to a total of 20 households over the next few years. There is high demand for aid purchasing homes and homeownership rates recently hit a 49-year low.
“Through the years I have known several individuals and families who were fortunate enough to be part of this wonderful program,” said 4th District Supervisor Virginia Bass. “Buying a home is challenging and out of reach for so many, but this program helps make that seemingly impossible dream a reality.”
The county’s Homebuyer Program has been helping people realize their dream of homeownership since 2004. The county was awarded funding over other applicants because our community has stable and affordable home prices in comparison to other parts of the state, it runs an efficient Homebuyer Program and the county has a Housing Element that is in compliance with state regulations.
“Our loan helps borrowers leverage conventional financing,” said Paula Mushrush, Housing and Grant Coordinator for the Planning and Building Department. “It functions like a down payment with typical borrowers buying homes between $200,000 and $250,000.”
There is an active waiting list for the First-Time Homebuyer Program. If you would like to get on the waiting list or for more information, call 268-3735 or visithumboldtgov.org/HomeOwner.