The city of Long Beach wants to help more first-time buyers land their residence within city limits by raising it’s by qualifying income threshold, enabling residents of all areas of the city to apply and increasing the grant amount by $5,000. Effective immediately, the city’s First-Time Homebuyer Assistance Program will award approximately 100 households with up to $25,000 in down payment and closing cost assistance.
Along with increasing the grant award amount, the city also raised the maximum household income, with a household of four earning up to $196,400 able to qualify. Previously, the program required a household income that did not exceed 150 percent of the Los Angeles County Area median income. Now, household income may not exceed 200 percent of the area’s median income.
Applicants can now also reside in any part of the city and apply for the program, whereas previously applicants had to live in low- and moderate-income communities in the city, mostly in central, west and north Long Beach.
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