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Home-buyers' assistance funds disbursed locally
By: North County Times wire services
SAN DIEGO - Several San Diego County cities will get a portion of $20.8 million in federal downpayment assistance for first-time homebuyers, the Department of Housing and Urban Development announced Wednesday.
The funding, from the American Dream Downpayment Initiative, will be spread across 51 California communities, according to HUD.
Included in the grants is $51,897 for Escondido; $90,506 for Oceanside; $113,259 for Chula Vista; $53,822 for El Cajon; $951,764 for San Diego; and $473,182 for San Diego County.
"The single greatest obstacle to homeownership is the downpayment and closing costs," said HUD Secretary Alphonso Jackson. "This program, will give first-time homebuyers downpayment assistance grants up to $10,000 or six percent of the home's purchase price, whichever is greater."
To be eligible, individuals must be first-time homebuyers interested in buying a house, condominium, cooperative unit or manufactured home.
Applicants also must have incomes that don't exceed 80 percent of the area's median income, according to HUD.
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