The California Association of Realtors (CAR) announced the allocation of an additional $500,000 from its Housing Affordability Fund (HAF) to be used for closing cost assistance by eligible first-time California homebuyers from underserved communities.
Under the program, eligible low- and moderate-income homebuyers will receive up to $10,000 in financial support to cover their closing costs. CAR defines underserved communities as people of color; persons with disabilities or LGBTQ persons, and the properties to be covered must be a single-family residence within the state.
Since 2022, the HAF has provided closing cost grants totaling $1.5 million for 156 first-time homebuyer families.
“Countless studies have found that homeownership is critical to building generational wealth and economic security for working families,” said CAR President Jennifer Branchini. “California realtors are pleased to expand ownership housing opportunities for more Californians so they have an opportunity to attain the economic and societal benefits that homeownership provides.”