The new down payment assistance program is a collaboration between the Office of Supervisor Yxstian Gutierrez and the County of Riverside Department of Housing and Workforce Solutions
The Board of Supervisors recently approved the allocation of $1 million in American Rescue Plan Act (ARPA) funds. This is for down payment assistance for low-income, first-time homebuyers in the 5th Supervisorial District. Spearheaded by Supervisor Yxstian Gutierrez, this program aims to empower low-income individuals by providing financial support to achieve their dream of homeownership.
“Homeownership is essential to bringing economic mobility and building generational wealth,” said Supervisor Gutierrez. “With this program, we will help bring life-changing, affordable housing to many of our hardworking families, empowering them while strengthening our community.”
Significant Milestones for Homeownership
This initiative represents a significant milestone in Riverside County’s commitment to promoting homeownership and economic empowerment. Over the last two years, the County of Riverside has assisted 46 households in achieving homeownership. This program will further expand homeownership opportunities.
Administered by the County of Riverside’s Department of Housing and Workforce Solutions (HWS). The program offers a maximum of 20% of the home’s purchase price (up to $100,000) in down payment assistance to low-income homebuyers. The assistance is provided through a silent second loan, with recipients not required to make any payments on the loan. Additionally, if the homebuyer fulfills all program requirements, the loan is forgiven after 15 years.
Prospective homebuyers interested in this opportunity will need to work with one of the County of Riverside’s approved lenders. Listed at rivcohws.org/5th-district-home-ownership-program. Subsequently, they must attend an 8-hour homebuyer education class provided by a HUD-approved education provider. A list of local providers available at rivcohws.org.
Finally, aspiring homeowners are encouraged to enlist the services of a real estate agent to assist them in locating a home within the designated boundaries of the 5th District.
For inquiries about the program, the dedicated team at HWS is readily available at 951-955-0784 or via email at fthb-projects@rivco.org.
