SAN DIEGO — The San Diego Housing Commission began a pilot program for first-time homebuyers who are Black, Indigenous, and People of Color, or BIPOC, on Thursday.
BIPOC Buyers Must Not Have Bought A House In 3 Years To Receive Funding
BIPOC buyers earning between 80% and 150% of the San Diego Area median income would benefit from the program. For a family of four, this amounts to $110,250 to $175,200 a year.
BIPOC purchasers may be eligible for a $20,000 award for closing expenses, which means they will not have to pay it down.
Eligible homebuyers can also receive an extra $20,000 in the form of a deferred down-payment loan. Buyers would not have to make any loan payments for seven years.
BIPOC buyers must not have bought a house in the previous three years to be eligible. The house must be in San Diego and the buying price cannot exceed $1,250,000 dollars.
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Single-family detached homes, condominiums, townhomes, and prefabricated homes are all eligible.
For the program, those who qualify must complete a Self-certification Race and Ethnicity Form.
This program is made possible in part by grants from the Wells Fargo Foundation Wealth Opportunities Realized Through Homeownership (WORTH) and the National Fair Housing Alliance.
WORTH seeks to assist in the creation of 40,000 new homeowners of color nationwide by the end of 2025, including 5,000 new homeowners of color in the San Diego region.
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