Homeownership is steadily becoming a fleeting goal as inflation drive costs through the roof, but one organization is helping alleviate the strain.
The California Association of Realtors (C.A.R.) Housing Affordability Fund (HAF) will provide $500,000 in closing cost assistance for eligible first-time California homebuyers from an underserved community, per a news release.
With the new funding, this makes $2 million in grants for underserved program participants.
“Countless studies have found that homeownership is critical to building generational wealth and economic security for working families,” said C.A.R. President Jennifer Branchini in a news release. “California REALTORS® are pleased to expand ownership housing opportunities for more Californians so they have an opportunity to attain the economic and societal benefits that homeownership provides.”
The nonprofit housing organization Neighborhood Partnership Housing Services (NPHS), along with U.S. Dept. of Housing and Urban Development (HUD) partnered to help provide the funding for underserved California residents aiming to purchase a home.
Per Zillow, the average California home value is $744,280—what’s more according to a 2020 Cost of Living Index, the average city in California has a 38% higher cost of living than the average city in the nation.
“Affordable homeownership hangs in the balance for too many. We must commit to tipping the scales, addressing this pressing challenge, and unlocking the doors to homes that families can call their own,” stated Clemente Mojica, NPHS CEO in a news release. “The Closing Cost Assistance Grant is pivotal in aiding historically underserved families to secure affordable and sustainable homeownership. We invite social impact investors to join us as we continue to break down barriers and build bridges toward equitable homeownership opportunities for all.”