The City of Merced announced that the California Department of Housing and Community Development has awarded $2.5 million in funding to assist individual first-time homebuyers in the City of Merced.
“This is progress toward our efforts of providing funding programs that will help first-time homebuyers reach their goal of becoming homeowners in our community,” stated Scott McBride, director of Development Services for the City of Merced. “Our partner on this project, Self-Help Enterprises shares our goal of improving the living conditions of people in our community. We are confident in their experience and success in operating programs on behalf of the communities they serve,” he said.
The CalHome Program will provide $1 million in funding for first-time mortgage assistance, including the purchase of a home with an Accessory Dwelling Unit (ADU) or Junior Accessory Dwelling Unit (JADU). An additional $1.25 million will support owner-occupied rehabilitation assistance and include rehabilitation of manufactured housing or rehabilitation of ADUs or JADUs. Lastly, $250,000 will provide ADU and JADU assistance, including construction, repair, or rehabilitation of ADUs and JADUs.
This funding will assist individual first-time homebuyers through deferred-payment loans for down payment assistance, home rehabilitation, including manufactured homes not on permanent foundations, acquisition, and rehabilitation, homebuyer counseling, self-help mortgage assistance, or technical assistance for self-help homeownership. All funds to individual homeowners will be in the form of loans.
Self-Help Enterprises’ (SHE) will support the City with housing grant services. The organization will support housing rehabilitation and homebuyer assistance program activities and provide coordinated services in a timely, cost-effective manner. In addition, the organization will work on program guidelines, including developing the application. This program is eligible for properties within the City of Merced.
“We share the City’s concern for preserving affordable housing and improving neighborhoods,” said Susan Long, program director, Partner Services for Self-Help Enterprises. “We are encouraged to see the City of Merced adopt plans and target funding to assist low-income residents with housing needs,” concluded Long.
For more information about the program, and to inquire about eligibility, visit www.selfhelpenterprises.org or call (599) 651-1000. For more information about the City of Merced, visit www.cityofmerced.org.