City Of Berkeley: Apply For Housing Down Payment Assistance Before Aug 30

Press release from City of Berkeley:

August 16, 2021

Berkeley, California (Monday, August 16, 2021) - Prospective first time homebuyers who live in, work in, or have been displaced from Alameda County should apply before August 30 to be entered in a random lottery to receive up to $210,000 in down payment assistance.

This county-funded program provides loans intended to bring home-ownership within reach of households who would otherwise not be able to afford a home.

Are you a First Responder or an Educator? You may have double the chance to access the funds in this Alameda County program, AC Boost.

Apply before August 30

First time homebuyers should submit a pre-application before August 30, 2021 to enter a random lottery. The Pre-Application process checks your eligibility for an AC Boost and enters eligible applications into a lottery. Start by:

• Completing your pre-application at ACBoost.org. Paper pre-applications are available upon request
• If you meet eligibility requirements, you'll get a lottery number by email

To qualify for an AC boost loan

• Alameda County Residency, you must live or work in Alameda County
• Displaced Household is someone in the last ten years who has moved out of the county due to foreclosure, rising housing costs
• First Time Homebuyer, who is purchasing, will reside in, and has had no previous property ownership within the last three years
• Income Limits, you must be at or below 120% of the Area Median Income
• Household Asset Limit of no more than $300,000 at the time of application
• First responders and Educators will receive preferences

Your next steps, if selected

Resources

• AC Boost application process
• AC Boost Program Manual
• Contact a homebuyer counseling agency to attend a First-Time Homebuyer educational workshop or receive personalized counseling on your financial readiness
• Learn about mortgages, closing costs, and more through the Consumer Financial Protection Bureau's Home Loan Toolkit

This press release was produced by City of Berkeley. The views expressed here are the author’s own.