Attention prospective homeowners in Alameda County! AC Boost, a county-funded program designed to provide interest-free loans for first-time homebuyers, is now accepting applications for its final round of funding. The deadline to apply is May 15th, and interested individuals are urged to act promptly.
To be eligible for AC Boost, applicants must meet certain criteria. They must be first-time homebuyers who reside or work in Alameda County or have been displaced from a home in the county within the past decade. Additionally, income limits apply, with eligible applicants earning no more than 120% of the area’s median income, which currently stands at $177,500 for a family of four.
The AC Boost program offers substantial assistance to eligible homebuyers. Loans of up to $210,000 are available, providing a significant boost towards the down payment on a home. This is particularly crucial in Alameda County, where the median home price has soared to $1.4 million, making a 20% down payment a daunting prospect.
Beyond financial assistance, AC Boost also seeks to address the racial disparities in homeownership that persist in Alameda County. Discriminatory real estate practices and lending policies have historically contributed to these disparities, and AC Boost aims to level the playing field for underrepresented homebuyers.
The application process for AC Boost involves submitting an initial application by May 15th, followed by a lottery selection process. Selected applicants will be invited to attend a mandatory program workshop and submit a final application. Once eligibility is confirmed, approved buyers can begin their home search.
The repayment terms of AC Boost loans are highly favorable. Repayment does not commence for 30 years, or until the home is sold or the owner no longer resides there. At that time, the owner repays the loan amount plus a proportionate share of the home’s increased value.
AC Boost has already made a significant impact in Alameda County, helping 233 low- and middle-income households achieve homeownership and lending nearly $40 million in total. The final round of funding presents an invaluable opportunity for prospective homebuyers to benefit from this program.
For more information on AC Boost and the application process, visit the program’s website at www.ACBoost.org. Don’t miss out on this exceptional opportunity to purchase a home in Alameda County with the assistance of AC Boost.
