For Down Payment Assistance Program
The Housing Authority of the County of Riverside is offering a Down Payment Assistance Program (DPAP) to qualified first time home buyers. The primary objective of the DPAP is to provide down payment assistance to first time home buyers of low to moderate income.
Under the Program, qualified moderate income (120% AMI) households can receive down payment assistance as a silent second loan equal to six percent (6%) of the purchase price of the home. Qualified low income (80% AMI) households can receive down payment assistance as a silent second loan equal to twenty-five percent (25%) of the purchase price of the home. Assistance shall not exceed $75,000 and is subject to further limitations. One of the conditions to qualify for the Program is that the buyer must accept the highest loan-to-value ratio senior loan for which they qualify. The senior loan must be a fully amortized, fixed rate, thirty-year mortgage, due in thirty years, with no adjustable rate rider, and the Housing Authority’s financial participation will be secured by a deed of trust recorded junior to the deed of trust securing the senior loan mortgage. The Housing Authority will also record affordability covenants.
All buyers participating in this Program shall agree to the terms and conditions of an affordability covenant. The affordability covenant will provide that if the property is re-sold within forty-five (45) years, it will be offered or otherwise be made available for purchase by qualified low or moderate income households. If the property is no longer maintained as the principal residence of the buyer or is sold prior to the end of the affordability period, and the purchaser is not eligible for this Program, all HACR financial participation must be repaid.
The DPAP is only available within the Redevelopment Project Areas of the former Redevelopment Agency for the County of Riverside or within unincorporated areas of the County of Riverside. The DPAP may be used to purchase a new construction or resale single family home, condominium or a new manufactured home. Maximum property value should not exceed affordable housing cost for low and moderate income per Health and Safety Code Section 50052.5.
Down Payment Assistance Program Policies and Procedures
For more information: If you have any questions or would like more information, contact the Housing Authority staff at (951) 343-5469.
Kari H’Orvath - firstname.lastname@example.org
Bernadette Cruz - email@example.com