Supervisor Perez touts first-time homebuyer program

Fourth District Supervisor Manuel V. Perez today lauded a $1 million assistance program approved by the Riverside County Board of Supervisors to help first-time homebuyers.

The creation last week of the Fourth District American Rescue Plan Act First Time Homebuyer Down Payment Assistance Program is intended to help with down payments and closing costs, according to a statement from Perez.   

Residents of the Coachella Valley, Palo Verde Valley and Idyllwild communities could potentially qualify for assistance.   

"There are teachers, firefighters, police officers, individuals returning to the valley with degrees, who are not able to afford the housing prices but also don't qualify for programs,'' Perez said in a statement. "This will help bridge the gap for more of our residents to afford homeownership and be able to continue to live, work and raise their families here."

Funding comes from the American Rescue Plan Act.   

Residents must qualify for the first mortgage loan with an approved lender, and must have a  gross income of 120% or less of the median income.   

The program, administered by the Riverside County Housing and Workforce Solutions Department, caps down payment assistance at 20%, with a maximum amount of $100,000, according to Perez.

Only homes in the Fourth District are eligible, with preference toward houses in the unincorporated communities within the area.   

More information on the program and approved lenders can be found at https://rivcohws.org/4th-district-first-time-home-buyer.