C.A.R.'s Housing Affordability Fund partners with housing nonprofits to provide closing cost grants to underserved first-time buyers

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Jan 12, 2022, 13:00 ET

LOS ANGELES, Jan. 12, 2022 /PRNewswire/ -- In an effort to address California's growing housing affordability crisis and racial homeownership divide, the CALIFORNIA ASSOCIATION OF REALTORS®' (C.A.R.) Housing Affordability Fund is partnering with three regional nonprofit housing organizations to provide closing cost grants up to $10,000 for eligible first-time home buyers from an underserved community, C.A.R. announced today.

The Inland Empire's Neighborhood Partnership Housing Services (NPHS), Neighborhood Housing Services LA County, and the Bay Area's Richmond Neighborhood Housing Services are partnering with C.A.R.'s Housing Affordability Fund (HAF) to administer funds of up to $250,000 within each of their regions in 2022 under C.A.R.'s Closing Cost Assistance grant program.

"Homeownership is a key element to building generational wealth and economic security for working families while stabilizing communities across our state," said C.A.R. President Otto Catrina. "We're pleased to partner with these nonprofit organizations to help create true housing equity for all Californians, so they have an opportunity to realize the economic and societal benefits that homeownership provides."

C.A.R. released a report last year showing that less than half of Black households earned the minimum income needed to purchase a home as compared to whites, illustrating the homeownership gap and wealth disparity for people of color, women, people with disabilities, indigenous people and members of the LGBTQ community. Also, according to most recent data, homeownership rates for Black (37%) and Latino (44%) households were far below overall rates (55%).

Visit C.A.R.'s Housing Affordability Fund website to apply: https://www.car.org/difference/haf/hafclosingcostgrantprogram

Program Criteria:

Recipient must be a first-time homebuyer.
Recipient must be a member of an underserved community, including LGBTQ+ and veterans.
The property being purchased by recipient must be a single-family residence.
The purchased property must not have an affordable housing deed restriction.
Recipient's income must be no more than 120% of the Area Median Income ("AMI").
Recipient must be represented by a REALTOR® in the transaction.
Recipient must certify they intend occupy within 60 days of escrow close for a minimum of 3 years.
Recipient must use either government or conventional GSE financing.
Recipient must be left with no more than $20,000 in savings after the purchase.

C.A.R. established its Housing Affordability Fund (HAF) in November 2002 as a non-profit 501(c)(3) to address California's growing housing affordability crisis.

The nonprofit partners selected have experience creating and administering home buyer assistance programs and have long-standing presence within underserved communities. The partners also offer HUD-approved first-time home buyer counseling and can help program recipients increase their buying power by layering C.A.R.'s Housing Affordability Fund Closing Cost Grant Program with other forms of buyer assistance that their organizations may be offering or administering.

Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

SOURCE CALIFORNIA ASSOCIATION OF REALTORS