Some financial help was much needed as Sacramento housing prices soared amid a seller’s market, even with a pandemic in the mix.
SACRAMENTO, Calif. — The Sacramento Housing and Redevelopment Agency (SHRA) wants people to buy a house in the city, and to sweeten the deal, offered grants of up to $22,000 for down payments and closing costs.
The financial help came as Sacramento housing prices soar amid a seller’s market, even with a pandemic in the mix. Those who received the grants had to meet multiple criteria and take workshops on homebuying and financial literacy through the Sacramento Realtist Association.
The grants were part of a Community Homeownership Initiative program. While anyone could apply for grant money, the effort was particularly geared toward Black prospective home buyers.
In a March interview with ABC10, Zoritha Thompson, with Goree and Thompson Real Estate, underscored the importance of the grants.
“They use it for their closing costs,” Thompson said. “They also can use it to buy the interest rate down, so that’s a tremendous help.”
Thompson said at the time that the program was already seeing people sign up. Though the workshops that occurred in March have now all passed, the programs success could mean added opportunities like this one in the future.
Here is what the Community Homeownership Initiative program offered:
Comprehensive home buyer education and counseling
Financial literacy trainings
First-time home buyer workshops
Flexible mortgage products/programs for neighborhoods in Greater Sacramento.
Who qualified for the grant money?
Those who earned up to 80% of AMI, or about $69,000 for a family of four.
First-time homebuyers in the Greater Sacramento Region.
Those who checked out online information and homebuyer workshops on the Sacramento Realtist Association website.
People who received a certificate to access downpayment and closing cost assistance from the Sacramento Realtist Association.
Families who found a prospective home in the Greater Sacramento area.
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