WISH Program to Assist Black Homebuyers with Down Payment Costs

The San Diego Black Homebuyers Program is meant to cut back the racial wealth hole in San Diego by investing in generational wealth-building alternatives by means of Black house possession.

The program is funded with a preliminary pledge of $1 million by the San Diego Foundation’s Black Community Investment Fund, together with administrative funding from Supervisor Nathan Fletcher’s office.

Participating lenders will present a minimum of $9,000 in grants to qualifying house consumers and assist them leverage matching grants by means of sources such because the Federal Home Loan Bank of San Francisco’s Workforce Initiative Subsidy for Homeownership, or WISH.

The WISH program gives eligible low-to-moderate revenue households 4-to-1 matching grants of as much as $22,000 for down fee and/or closing prices. Homebuyers could obtain over $70,000 in grant help from all sources in the direction of the acquisition of a house.

LISC San Diego would be the administrator of funds granted to eligible homebuyers, whereas additionally offering a further $250,000 contribution of its personal.

The Urban League of San Diego County (San Diego, CA) will present its HUD-certified homeownership counseling companies for these homebuyers previous to and post-purchase, and can lead outreach efforts.

To read the full article, click here