The program provides down payment and closing cost assistance to qualifying buyers seeking homes in areas with lower wildfire risk. Designed by Freepik

 

YUBA COUNTY, CA (MPG) - Eligible low- to moderate-income households who lived in Zip Code 95901 in 2017 may qualify for up to $350,000 in homebuyer assistance through the ReCoverCA Homebuyer Assistance Program.

The program provides down payment and closing cost assistance to qualifying buyers seeking homes in areas with lower wildfire risk. Assistance comes in the form of a deferred-payment loan with no interest and no monthly payments. The loan is forgiven after five years if the homeowner continues to own and occupy the property.

Funding stems from 2017 Fire Recovery funds and targets households that lived in a High or Very High Fire Severity Zone within a qualifying disaster area in 2017. Applicants must generally meet income requirements at or below 80 percent of Area Median Income, based on household size.

There is no requirement to be a first-time homebuyer. Applicants do not need perfect credit to qualify. The program also does not require proof of direct disaster impact.

Qualifying 2017 disaster areas include Sonoma and Ventura counties, as well as Zip Code 95470 in Mendocino County, Zip Code 95901 predominantly in Yuba County, Zip Code 94558 predominantly in Napa County, Zip Code 95422 in the City of Clearlake in Lake County and Zip Code 93108 in Montecito in Santa Barbara County.

Yuba County Supervisor Gary Bradford said the program supports both families and the broader economy.

“Helping families achieve homeownership not only provides them with financial security, but it also strengthens our local economy,” Bradford said. “When people buy homes, they invest in their communities, create jobs, and support local businesses. Supporting homeownership is a key step in building a brighter future for our residents and ensuring the continued growth and prosperity of our region.”

The California Department of Housing and Community Development provides the program as part of the state’s Disaster Recovery Action Plan. The funding comes from a Community Development Block Grant Disaster Recovery allocation from the U.S. Department of Housing and Urban Development.

The Golden State Finance Authority administers the program. The public agency has more than 33 years of experience implementing affordable housing programs.

Program policies, eligibility guidelines and application details are available at www.gsfahome.org/recoverca-hba.