Low and moderate-income residents in Anaheim, California have a chance to secure housing assistance for a first-time home in the city, officials announced earlier this month.
Twenty-nine new “affordable” residences are available to homebuyers located near the Disneyland Resort. As part of the program, the city is also offering up to $100,000 in down payment assistance for the homes to low- to moderate-income households.
The residences available under the program are condos called 100 West, located at 1214 S. Urbana St. as part of Anaheim’s so-called “BEGIN” housing assistance program.
According to city officials, the program was created to make the purchase of a home “more affordable” to prospective home buyers, and to “stabilize neighborhoods and expand homeownership levels in the City of Anaheim.”
Eligible applicants, in part, must be first-time home buyers; may not exceed 120 percent of the Orange County area median income adjusted by household size; be able to provide a minimum cash down payment of 3 percent of the home’s purchase price, and be legal U.S. residents.
Current income limits for the program, which are set by the California Department of Housing and Community Development, are $153,350 for a household of four or $107,350 for a single person.
Preference will be given to those who already live or work in Anaheim. Most qualifying for the loans—allocated as short-term bridge loans until the buyer secures more permanent financing—will receive around $35,000 to $40,000, according to city spokesperson Erin Ryan, the Orange County Register recently reported.
The loan would also have to be repaid, according to program details.
The eligible condos are priced around $400,000 and have two bedrooms and two-and-a-half baths.
Interested home buyers would first need to qualify with Toll Brothers, the condo developer, and secure a mortgage through a lender approved by the developer. Then homebuyers would apply for down payment assistance with the city.
According to city officials, there are currently over 20 ongoing applications for down payment assistance to live in the residences.
