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LOS ANGELES (CNS) - The Los Angeles Housing and Community Investment Department today announced it received a $300,000 grant from CIT Bank for the fifth consecutive year to help 20 low-income families buy a home in L.A.
HCIDLA's first-time homebuyer assistance program, which has existed for more than 25 years, provides eligible first-time, low- and moderate-income homebuyers with assistance through a deferred-payment “soft second'' loan that can be used for the down payment, acquisition and closing costs. CIT first provided HCIDLA with a $400,000 grant in 2017, which allowed the department to help 28 families purchase single-family homes and condominiums. Overall, CIT has provided the city with a total of $1.6 million that has assisted 98 families buy homes.
“Through the (Low Income Purchase Assistance) Program, I was able to purchase a condo and become a homeowner in Los Angeles. I had doubts about being able to become a homeowner within Los Angeles due to the high cost, but this program made it possible,'' said homebuyer, Terry Beasley Jr., who purchased a condominium in the San Fernando Valley.
“I am extremely happy in my new home and would recommend this program to anyone wanting to become a first-time homebuyer but may have doubts about being able to qualify ... The homeownership dream is possible!''
Funding for the program primarily comes through federal grants, HCIDLA said. The department typically assists less than 100 low-income households purchase a home each year. The CIT Bank grant will allow the department to assist an additional 20 families.
People can learn more about the program at hcidla.lacity.org/housing/housing-programs.
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