KTLA News
March 17, 2009
RIVERSIDE — The Riverside County Board of Supervisors is expected Tuesday to approve using part of a $48.5 million federal grant for a county program that provides downpayment assistance to first-time homebuyers trying to purchase foreclosed properties.
Under the Neighborhood Stabilization Homeownership Program, $9.7 million would be set aside to help qualifying low- and moderate-income residents purchase vacant foreclosed homes in 15 cities and 9 unincorporated communities in Riverside County.
The requirements for homebuyer assistance are:
— An applicant cannot have owned a home in the last three years;
— A successful applicants must complete an 8-hour course on the essentials of homeownership and the responsibilities of homebuyers;
— the applicant’s gross household income cannot exceed 120 percent of the county’s median income, which for a family of four would be $79,900;
— the applicant must be purchasing a foreclosed or abandoned home in the county;
— the purchase price cannot exceed $293,000.
Riverside County has the fourth-highest foreclosure rate in the state.
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For more information call me today at (951) 532-1943.
March 17, 2009
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