3:45pm | Interested buyers will have new opportunities to purchase their first home thanks to a new program being offered by the City of Long Beach.
Using federal grant funds, the Neighborhood Stabilization Program 2 First-Time Homebuyer Assistance Program could provide interested buyers with up to $200,000 in silent second mortgage loans, and up to $40,000 to fix code violations and make energy-efficient improvements.
“This is an incredible opportunity for first-time homebuyers to realize the dream of homeownership,” said Dale Hutchinson, Housing Operations Officer for the City of Long Beach. “Participants in the Program not only get financial assistance, but also help with navigating the home buying process, finding reputable lenders and realtors, and locating homes for their families.”
The program seeks to assist about 110 homebuyers making at or below 120% of the area median income, according to Hutchinson.
Today’s announcement is the implementation of an initiative designed to stop the rate of foreclosures in Long Beach. The city was awarded $22 million in Federal Stimulus funds to provide new homeowners with good deals. lbpost.com columnist Don Jergler wrote a detailed piece about the program back in January that you can read by clicking here.
A community meeting will be held this Saturday to provide interested buyers with more information. It will be held from 10:00am-2:00pm at The Grand on 4104 E. Willow Street and is open to all members of the community.
More to come…
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