Nonprofit Groups Announce Program To Assist Black Homebuyers With Down Payment Costs

San Diego CA

08 August, 2021

8:47 AM

Description

By Chris Jennewein, Times of San Diego August 7, 2021 The San Diego Foundation, LISC San Diego and the Urban League of San Diego County have partnered to provide down payment assistance to help eligible Black residents become homeowners. The San Diego Black Homebuyers Program is intended to reduce the racial wealth gap in San Diego by investing in generational wealth-building opportunities through Black home ownership. The program is funded with an initial pledge of $1 million by the San Diego Foundation's Black Community Investment Fund, along with administrative funding from Supervisor Nathan Fletcher's office. Participating lenders will provide at least $9,000 in grants to qualifying home buyers and help them leverage matching grants through sources such as the Federal Home Loan Bank of San Francisco's Workforce Initiative Subsidy for Homeownership, or WISH. The WISH program offers eligible low-to-moderate income households 4-to-1 matching grants of up to $22,000 for down payment and/or closing costs. Homebuyers may receive over $70,000 in grant assistance from all sources towards the purchase of a home. LISC San Diego will be the administrator of funds granted to eligible homebuyers, while also providing an additional $250,000 contribution of its own. The Urban League of San Diego County will provide its HUD-certified homeownership counseling services for these homebuyers prior to and post-purchase, and will lead outreach efforts. Times of San Diego is an independent online news site covering the San Diego metropolitan area. Our journalists report on politics, crime, business, sports, education, arts, the military and everyday life in San Diego. No subscription is required, and you can sign up for a free daily newsletter with a summary of the latest news.