Residents of Long Beach, California could receive a grant from the city for up to $25,000 to purchase a home for the first time.
The expansion of the city’s First-Time Homebuyer Assistance Program, which aims to “assist low- and moderate-income families traditionally underrepresented in homeownership with purchasing their first home and building multi-generational wealth,” was announced in a Jan. 2 press release.
The program, which launched in March 2023, initially set out to provide 100 families with up to $20,000 for a down payment on a home.
But in the recent press release, the city said it was removing the requirement that applicants must reside in certain neighborhoods of the city. Now, residents who live in any part of the city can apply for the program.
Long Beach Mayor Rex Richardson expressed the city’s commitment to making homeownership more accessible in a statement.
“Homeownership is a significant milestone and lifelong dream for many individuals and families, and Long Beach is committed to making this more attainable for as many people as possible,” he said.
The city has also expanded the income eligibility limit from 150 percent to 200 percent of the area’s median income—meaning applicants’ annual household income cannot exceed 200 percent of L.A. County’s current median income, which varies by the number of people in a household.
Additionally, the grant amount has been increased from up to $20,000 up to $25,000, which can be used for a down payment on a home or for related costs such as loan, title and escrow fees.
The program outlines specific criteria for potential applicants, ensuring that the financial aid reaches those who need it the most.
To be considered eligible, applicants must be at least 18 years old and currently reside in the city of Long Beach.
They must also qualify as both a first-time homebuyer—meaning they haven’t owned a principal residence in the past three years—and as a first-generation homebuyer, meaning their parents never owned a home during the applicant’s lifetime or lost the home to foreclosure or short sale. Individuals who have lived in foster care are also eligible.
Applicants must also receive pre-approval from a lender for a 30-year fixed mortgage loan, and hold no more than $100,000 in liquid assets in their bank account after the close of escrow.
The funds can be used to purchase single-family homes, townhomes or condos located anywhere in Long Beach. However, mobile homes and multi-family homes are excluded from eligibility.
Qualified applicants must commit to occupying the purchased home as their primary residence for at least five years.
City officials will review applications on a first-come, first-served basis, and qualified applicants will receive a notice of program qualification, according to the city’s website.
