Grant program now open to eligible residents citywide; each qualified applicant can receive up to $25,000
Long Beach, CA – The City of Long Beach is announcing an expansion of the City’s First-Time Homebuyer Assistance Program (Program) that now enables income-eligible residents citywide to apply and increases the grant amount from $20,000 up to $25,000.
“Homeownership is a significant milestone and lifelong dream for many individuals and families and Long Beach is committed to making this more attainable for as many people as possible,” said Mayor Rex Richardson. “This important Program offers an incredible opportunity, empowering first-time homebuyers to invest in their future and plant roots in our great city.”
The expansion of the Program, which is for first-time, first-generation homebuyers, is intended to enable more Long Beach residents to qualify and receive assistance to purchase their first home in the city.
The expansion removes the requirement that applicants must currently reside in certain federally designated census tracts. Applicants can now reside in any part of the city. In addition to raising the grant amount, the current income eligibility limit for applicants is increased from 150 percent to 200 percent of the area median income.
More details about the expansion, along with updates regarding the application and grant award process, are available on the Community Development Department website at longbeach.gov/lbhomegrant.
The First-Time Homebuyer Assistance Program, which is a grant and not a loan or mortgage service, provides down payment and closing cost assistance and is designed to help low- and moderate-income families traditionally underrepresented in homeownership with purchasing their first home and building multi-generational wealth.
The Program is made possible by the Long Beach Recovery Act, a plan to fund economic and public health initiatives for Long Beach residents, workers and businesses critically impacted by the COVID-19 pandemic.
For more information, please contact the City’s program partner, FORWARD, at 855-582-3973 or FirstTimeHomebuyer-support@livestories.zendesk.com.
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Press Release Distributed by City of Long Beach Public Information Office