House Down Payment Help To Be Discussed At Santa Clara Co. Talk

SAN JOSE, CA -- The Housing Trust Silicon Valley and County of Santa Clara are launching Empower Homebuyers SCC, a new down payment assistance program for first-time homebuyers in Santa Clara County.

The program is funded through the 2016 Measure A Affordable Housing Bond, which is administered by the Housing Trust. Its expected to assist about 250 households over the first five years.

Residents are invited to attend county Supervisor Cindy Chavez’s free town hall meeting to learn about how to participate in Empower Homebuyers SCC and what the qualifications are for the first-time homebuyer program:

The town hall is scheduled for next Wednesday from 6 - 7 p.m. at the County Government Center Board Chambers, 70 W. Hedding St., San Jose. One may register at: https://d2publictownhall.eventbrite.com.

“This is a big step for our community’s teachers, nurses, and nonprofit workers – the residents who make up the foundation of Santa Clara County,” Chavez said. “Empower Homebuyers SCC is a successful effort made possible by the voter-approved Measure A Affordable Housing Bond in 2016.”

Down payment assistance will be provided to homebuyers through a new 30-year deferred shared appreciation loan that requires no monthly payments from the homebuyer. Loan payment, principal plus a share of the home’s appreciation, is only due on the maturity date, if the loan is refinanced, or if the borrower decides to sell or move out of the home.

The average median price for a single family home according to Zillow as of Tuesday is $1.29 million.

“Empower Homebuyers puts our Measure A bond funds to work for our workforce, and is a way to help the ‘missing middle’ who have been cut off from owning because of the down payment obstacle,” said Supervisor Joe Simitian, who is also the board president. “This program helps put homeownership in reach for teachers, healthcare professionals, food service workers, and many more.”

Empower Homebuyers is open to first-time homebuyers, with incomes that do not exceed 120 percent of the area median income, who wish to purchase a primary residence in Santa Clara County and have a household income within the designated limits, set by household size.

At the start of the program, limits begin at $105,200 for a single-person household and increase to $150,250 for a family of four. Borrowers are required to make a minimum contribution of 3 percent of the purchase price of the home. The maximum purchase price is $800,000. More information and application instructions can be found at bit.ly/EmpowerHomebuyersSCC.

Register or RSVP to Kathy Truong, (408) 299-5025 or kathy.truong@bos.sccgov.org

Please note the location is serviced by the Santa Clara Valley Transportation Authority (VTA) light rail and bus lines 61, 62, 66 and 181. Parking is available at the Civic Center Parking Garage, 171 W. Hedding St. Here's the parking map: http://ow.ly/YCKvP

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