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Placer County amends first-time homebuyer program guidelines; $2.6M allocated to help buyers
Summary
The board authorized amendments to the First-Time Homebuyer Program to separate HOME from CDBG and PLHA funding streams and approved authority for the CEO to execute program documents; roughly $2.6 million is available to assist 15–25 households over three years.
Placer County supervisors voted May 13 to adopt amendments to the county’s First-Time Homebuyer Program guidelines and authorized the county executive officer to update program loan documents and execute related agreements to reflect current funding sources.
Darius Brown, housing specialist in Economic Development and Housing, said the program uses three awards: the HOME Investment Partnerships (HOME) federal program, Community Development Block Grant (CDBG) federal program, and the state’s Permanent Local Housing Allocation (PLHA). Brown said staff separated HOME from CDBG and PLHA in the program rules to align with state requirements and to clarify affordability periods and income limits tied to each funding source.
Key program terms presented by staff include: up to $100,000 in deferred second-loan down-payment assistance at 3% annual interest, a loan term of 30 years (deferred until sale or transfer), occupancy required as the borrower’s principal residence, and affordability periods tied to funding source (15 years for HOME/CDBG-funded loans; 30 years for PLHA-funded loans). Total funding available for the program was stated as about $2.6 million; staff said the goal is to assist roughly 15–25 households over the next three years. Income limits vary by funding source and household size; PLHA allows higher-income eligibility (up to 150% AMI) to target “missing middle” households.
Supervisors discussed marketing priorities and asked staff to emphasize outreach to local residents and local employers and institutions. Staff noted federal and state grant conditions require opening the program to eligible applicants generally; however, marketing can be targeted to reach county residents and local workforce groups. The board approved the resolution authorizing the CEO to amend program guidelines and execute necessary loan documents.
Staff said a virtual webinar and outreach will follow immediately as part of the county’s affordable housing month activities; an interest list is already collecting prospective applicants.
