FIRST TIME HOMEBUYER PROGRAM, CITY OF EMERYVILLE COMMUNITY DEVELOPMENT DEPARTMENT, ECONOMIC DEVELOPMENT, AND HOUSING DIVISION
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Description:
Offers down payment assistance to households at or below moderate income that are purchasing a market-rate or co-op home in Emeryville. Provides a 30-year loan with a fixed 3% simple interest rate. The loan is deferred with no monthly payments due during the loan term. At the end of the 30 years, the entire loan (including both principal and accrued interest) is forgiven.
Eligibility: Must meet income requirement. The total household income can be no greater than 120% of area median,
adjusted by household size, as published annually by the United States
Department of Housing and Urban Development (HUD), unless one of the
buyers in the household is an employee of the City of Emeryville.
No member of the household may have owned a home in the past three years, unless one of the following criteria applies:
The individual is a single individual or single parent who previously owned a home within the past three years with a former spouse.
The individual has previously owned a principal residence that was not permanently affixed to a foundation, as per applicable regulations.
The individual has owned property that did not comply with state or local building codes and cannot be brought into compliance for less than the cost of constructing a permanent structure.
The individual is an employee of the City of Emeryville.
The individual is an employee in the Emery Unified School District.
The individual previously owned a home with a domestic partner within the past three years, but the domestic partnership has since been terminated. Proof of both establishing and terminating the domestic partnership, as defined by the state of California, must be provided.
Maximum Allowed Income for 2024
Moderate Income (120% AMI)
1: $130,800
2. $149,500
3. $168,150
4. $186,850
5. $201,800
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