Program Extends Beyond Tax Credits to Target Foreclosed Homes
SUISUN CITY - Federal homebuyer tax credits may have expired, but Suisun City is still in the business of helping first-time homebuyers get into a house of their dreams.
Qualified buyers can get down-payment assistance of up to 25 percent of a home’s value through the Suisun City Redevelopment Agency’s First-Time Homebuyer Program. The program targets foreclosed and short-sale homes to return them to individual and family ownership so they are neighborhood assets.
The program was designed to support existing Suisun City neighborhoods to ensure the long-term quality, value and availability of a variety of housing options.
“The federal government may have done all it could to reinvigorate the housing market, but Suisun City isn’t done yet,” said Project Manager Vivien Chua Togonon. “Despite State raids on our redevelopment funds, we are committed to reinvesting in our neighborhoods to make Suisun City the region’s best community for families.”
The Redevelopment Agency has streamlined the program to make it easy to understand and navigate.
Qualified buyers can get a loan in the form of a second mortgage on which the homeowner makes no monthly payments. Upon future sale of the property, the Agency recovers the principal it invested and shares in a pro-rata portion of any equity appreciation in the home.
Approved First-Time Homebuyer Program participants also get first chance to make an offer on properties acquired and completely renovated through the Neighborhood Stabilization Program. These homes may qualify for down-payment assistance of up to 35% of the property’s value.
Households that qualify for the First-Time Homebuyer Program are also qualified to participate in the Neighborhood Reinvestment Program, which provides up to $2,500 in a matching grant to help homeowners with exterior improvements.
The Suisun City Redevelopment Agency launched the First-Time Homebuyer Program in January 2009, committing $3.4 million. Since then, the program’s staff has fielded 278 inquiries, qualified 30 homebuyers with 60 days purchase a home, and closed 22 escrows with the help of a Suisun City down-payment loan.
For more information, go online to www.suisun.com, call 707-421-7309 or e-mail firstname.lastname@example.org.