Residents who are looking to purchase their first home can now avail of loan assistance as Alameda County opens the applications for more than $12 million in downpayment on Monday.
The county said its AC Boost loan program will welcome applications through Aug. 30. The said program will shell out loans that will reach up to $210, 000 to selected recipients.
At least 70 households can avail of the loans provided that in the last decade, they have lived in, employed in or have been displaced from Alameda County.
“A proven antidote to displacement is sustainable homeownership,” according to Alameda County Board of Supervisors President Keith Carson. “AC Boost unlocks the opportunity for more working households to build home equity, put down roots in the community, and have a place their family can call home for years to come.”
The 2016 Measure A1 of Alameda, a $50 million fund targeted to assist local residents to own a home, is supporting the program.
In 2019, the county unveiled the AC Boost and the initial round of financial assistance has so far dispensed about $10 million in loans to 78 household recipients.
Added to this, AC Boost also targets to bridge the gap in terms of racial wealth and to get rid of possible prejudiced housing practices by making loan offers to people of color.
Favored applicants are licensed child care providers, educators, and first responders, the county said. Households earning lower than 100 percent of the area median income can avail of loans up to $210, 000.
The county said applicants must not have owned a home in the past three years and must be eligible for a first-time mortgage, KRON4 reported.
Loans that have been approved will also not be subjected to interest or minimum monthly costs.