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Long Beach Will Give $25,000 Grants To First-Time Homebuyers
Contractors build high-density upscale residential units in Long Beach in 2003.
(
David McNew
/
Getty Images
)
Topline:
Long Beach is offering a $25,000 grant for first-time homebuyers who meet income and eligibility thresholds, expanding a previous program that gave residents $20,000 to buy homes.
Who is eligible: Long Beach residents who haven't owned a principal residence in the last three years and whose parents never owned a home can apply for the grants. Additionally, applicants must be pre-approved for a home loan and must have less than $100,000 in liquid assets after the sale closes.
Additional requirements: Applicants must be represented by a licensed real estate agent and commit to using the home as their primary residence for at least five years.
The backstory: The city had been offering $20,000 grants to buy houses, townhomes and condos in certain census tracts, but local officials have expanded the program to include the whole city. The city also widened eligibility by increasing the income threshold to 200% of the area median income: That's $137,000 for a single-person household and $196,400 for a family of four.
The program so far: According to program manager Courtney Richards, 20 households have already been approved for the grant. The program currently has the budget to give grants to about 100 applicants.
How to apply: There's no deadline to apply, but the grants are being issued on a first-come, first-serve basis. To find out how to apply and to see the full requirements, visit the Long Beach Community Development Department's website.
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