Have you always wanted to own a home, but cant seem to amass the money needed for the down payment?
Well, the City of Riverside is looking for you. This summer the Riverside City Council approved an amended agreement between the City of Riverside and Community Investment Corporation (CIC) that expanded the Down Payment Assistance (DPA) program citywide. This amendment provides eligible applicants up to $40,000 in down payment assistance per household, for the purchase of a single family residence anywhere in the City of Riverside.
According to Mayor Ronald O. Loveridge, The Down Payment Assistance Program increases homeownership, which should be among our highest priorities. This stabilizes and strengthens neighborhoods and increases incentives for maintaining and improving private property and public spaces. Homeownership translates into good neighborhoods!
To be eligible for the DPA Program, the home must be located within the city of Riverside city limits, be rented by the prospective buyer, occupied directly by the seller, or have been vacant for thirty days. The buyers household income must be at or below 80% of the county median income adjusted for family size. In addition, the buyer must contribute 3% towards the purchase of the home and the maximum purchase price of the home cannot exceed 95% of the area median housing price. The loan may be forgiven under additional qualifying conditions.
Funds for the program are provided by the U.S. Department of Housing and Urban Development (HUD) through its HOME (Home Investment Partnership Act) grant to the City of Riverside. Community Investment Corporation administers the DPA Program on behalf of the City.
Community Investment Corporation, a not-for-profit organization, certified by the U.S. Department of Treasury as a Community Development Financial Institution (CDFI), joins a network of community development financial institutions throughout the United States to address the need for access to financial services and development of credit in disadvantaged communities. These institutions use capital and credit to assist business development, development of housing opportunities, create and retain jobs, and meet credit needs not addressed by traditional financial institutions. Community Investment Corporation is also an active member in the Riverside Partners In Homeownership (RPIH) board, an organization which promotes homeownership in the City of Riverside.
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