County Board of Supervisors Dedicates $1 Million for First Time Homebuyer Program

Palm Springs, CA

Residents looking to purchase homes in the Coachella Valley, Palo Verde Valley and Idyllwild communities can receive some help with their down payment as first-time home buyers.

The Riverside County Board of Supervisors last week approved an allocation of $1 million to create the Fourth District American Rescue Plan Act First Time Homebuyer Down Payment Assistance Program.

Supervisor V. Manuel Perez approved using this funding from the American Rescue Plan Act to help residents to achieve homeownership in a housing market that is often difficult for individuals returning with degrees and professionals.

The Fourth District American Rescue Plan Act First Time Homebuyer Down Payment Assistance Program will be administered by the Riverside County Housing and Workforce Solutions Department. The department has launched a Web page for the program at https://rivcohws.org/4th-district-first-time-home-buyer .

The program offers down payment assistance of up to 20 percent, with a maximum amount of $100,000, towards the purchase price of a home. The program can also provide assistance towards the closing costs. The home must be located in the Fourth District and preference will be given to homes purchased in the unincorporated communities of the district. A map of the Fourth District is available on the Web site.

Qualified borrowers can earn no more than 120 percent of area median income (AMI) based on family size. For a one-person household the maximum annual household income must be under $81,900, and under $154,450 for a household of eight. Charts of the maximum household income for family size and home purchase price limits are located on the Web page.

To access the first-time homebuyer program, borrowers must use an approved lender. A list can also be found on the Web site.

The program has $1 million in funding for the county’s Fourth District. Applications will be open on August 16 and will be accepted on a first come first served basis until the funds are all allocated.