Suisun City is Still Helping First-Time Homebuyers

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 homebuyer@suisun.com.

Homebuyer Assistance Income Limits Revised

FAMILY OF FOUR MAKING $95,300 MAY QUALIFY

SUISUN CITY - The Redevelopment Agency has updated it's income qualification standards for its First-Time Homebuyers Assistance Program.

The program is designed to help individuals and families entering the housing market purchase a previously foreclosed home in Suisun City. To date, $3.4 million in local affordable housing funds have been committed to this program. Nearly $1 million in additional federal stimulus funds are being pursued to augment local funding.

Income limits also were recently raised for the Neighborhood Reinvestment Program.

These annual adjustments allow more families to qualify, and increases the opportunity for the Redevelopment Agency to reinvest in Suisun City's neighborhoods.

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Neighborhood Grant Program Income Limits Raised

FAMILY OF FOUR MAKING $95,300 MAY QUALIFY FOR MATCHING GRANT

The Suisun City Redevelopment Agency recently updated the income qualifications for its Neighborhood Reinvestment Program to help homeowners improve their homes through a unique matching grant program.

Now more families potentially can qualify for grants of up to $2,500 to upgrade their house. >>Click here for the new income guidelines.>>

The program was created to help homeowners improve the safety, appearance and value of their homes, enhance neighborhood pride and reinvest in every Suisun City neighborhood.

Since its inception in 2007, the program has resulted in more than $255,500 in improvements to homes all across Suisun City through a partnership between the Redevelopment Agency and homeowners.

Here's how it works:

• For households making less than $63,500 for a family of four, the Redevelopment Agency will provide an 80% matching grant for qualifying projects. On a $1,000 project, the Redevelopment Agency would reimburse the homeowner $800.
• For households making between $63,501 and $95,300 for a family of four, the Redevelopment Agency will provide a 50% matching grant. On a $1,000 project, the Redevelopment Agency would reimburse the homeowner $500.

You can do the work yourself or hire a contractor, but either way the project needs to be submitted for approval by the Redevelopment Agency and the Community Development Department before any work begins.

>>For complete program details, go to the Neighborhood Reinvestment Program webpage.>>